GU - Restest of support?
Prepping the GU chart for the coming week.
Previous plan of using 1.26 as a key area of support was correct, 1.271 forms new resistance zone.
Therefore forming a dynamic resistance trend line if price respects this area.
Thus giving GU a few options:
Use previous previous 4hr support (during sideways movement) as support for an immediate bull run, which uses 1.271 zone a further support (resistance turns to support).
Price re tests 1.26 zone and bull run to the upsides using 1.27 as new support.
4HR bear run to 1.26 zone and then support flips to resistance with price falling.
Retest to 1.26 zone supported by daily chart - on 2 occasions this was a respected resistance zone. Overall price is in an uptrend on the daily chart.
Personally; my trading plan is to check for confirmation to the 1.26 zone - scalp this bear run. Following this, trade with the market to the retest to 1.27 + ...
Previous plan of using 1.26 as a key area of support was correct, 1.271 forms new resistance zone.
Therefore forming a dynamic resistance trend line if price respects this area.
Thus giving GU a few options:
Use previous previous 4hr support (during sideways movement) as support for an immediate bull run, which uses 1.271 zone a further support (resistance turns to support).
Price re tests 1.26 zone and bull run to the upsides using 1.27 as new support.
4HR bear run to 1.26 zone and then support flips to resistance with price falling.
Retest to 1.26 zone supported by daily chart - on 2 occasions this was a respected resistance zone. Overall price is in an uptrend on the daily chart.
Personally; my trading plan is to check for confirmation to the 1.26 zone - scalp this bear run. Following this, trade with the market to the retest to 1.27 + ...
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