The price is creating a falling wedge on the daily timeframe, after a bounce on the weekly support.
On the lower timeframe, we can see that market had a breakdown from 4h support now new resistance
How we can trade this scenario?
I'd like to see a breakout from the falling wedge and 4h resistance with volume, Wait for a successfully flip of 4h resistance into new support.
If that WILL BE THE case we ARE GOING TO apply our Plancton's rules and look for a new long position.
Beware of weekly resistance (red one) because the price could get a rejection.
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Follow the Shrimp 🦐
Keep in mind.
On the lower timeframe, we can see that market had a breakdown from 4h support now new resistance
How we can trade this scenario?
I'd like to see a breakout from the falling wedge and 4h resistance with volume, Wait for a successfully flip of 4h resistance into new support.
If that WILL BE THE case we ARE GOING TO apply our Plancton's rules and look for a new long position.
Beware of weekly resistance (red one) because the price could get a rejection.
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.