Looking at Price action from the Previous two Months.
In September, there was a break above 108.000 level but failed to support price.
In October Price Found support at 105.000 , Managed to break back above that 108.000 Level.
Conditions for me to consider an entry have been met:
Condition 1)
If price previously failed to find support at 108.000.
it will break below and find the next best (SUPPORT) Level before coming back up to Continue from this level.
as these are some of the highest levels price has reached in a long time (5-10 years).
(Immediate support is never a guarantee so at second chance i might consider)
(Condition 2)
Double Bottom ( For Continuation of price.)
These can be subjective.
First (leg) bottom Found support at - 107.000.
Second (leg) Bottom Found support at 107.500.
Price is progressing higher and has found some form of support.
So i will be looking at a buying opportunity around 108.000 Level.
SL: 106.950
TP: 111.000
1:3RR
(Open to discussion on this and any pointers) is it a fake break ?
In September, there was a break above 108.000 level but failed to support price.
In October Price Found support at 105.000 , Managed to break back above that 108.000 Level.
Conditions for me to consider an entry have been met:
Condition 1)
If price previously failed to find support at 108.000.
it will break below and find the next best (SUPPORT) Level before coming back up to Continue from this level.
as these are some of the highest levels price has reached in a long time (5-10 years).
(Immediate support is never a guarantee so at second chance i might consider)
(Condition 2)
Double Bottom ( For Continuation of price.)
These can be subjective.
First (leg) bottom Found support at - 107.000.
Second (leg) Bottom Found support at 107.500.
Price is progressing higher and has found some form of support.
So i will be looking at a buying opportunity around 108.000 Level.
SL: 106.950
TP: 111.000
1:3RR
(Open to discussion on this and any pointers) is it a fake break ?