Update on my "Back to Basics" Idea yesterday....
Although price hovered around the .618 retrace of last months move, there was never a breakout of trend - so there were no clear entry reasons. Price didn't close above the .786 after the first touch either, but again no clear entry signals.
We now have price retraced all the way back to the swing high, and struggling to break the supply zone. This could indicate price finally falling (looking for entry reasons on lower time frames), since it is also occurring between the .50 and .618 prz of the larger 3 month move. Another possibility could also be a breakout of this supply zone to the upside.
Trading is a waiting game... lets see what happens next.
Although price hovered around the .618 retrace of last months move, there was never a breakout of trend - so there were no clear entry reasons. Price didn't close above the .786 after the first touch either, but again no clear entry signals.
We now have price retraced all the way back to the swing high, and struggling to break the supply zone. This could indicate price finally falling (looking for entry reasons on lower time frames), since it is also occurring between the .50 and .618 prz of the larger 3 month move. Another possibility could also be a breakout of this supply zone to the upside.
Trading is a waiting game... lets see what happens next.
