The price got rejections from the dynamic daily resistance of the descending channel. on the daily timeframe, the price had a false breakout from the 0.13$ and got a rejection from the 4h structure.
On the 4h Timeframe, the price created a bear flag and after the breakout, the market retested the previous support as new resistance.
Now the price is creating a minor bullflag.
How to approach?
We are monitoring the price, if the price is going to lose the 0.11 and confirm the breakout, the next valid support is the daily one on 0.997$
According to Plancton's strategy, we can set a nice order
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Keep in mind.
Follow the Shrimp 🦐
On the 4h Timeframe, the price created a bear flag and after the breakout, the market retested the previous support as new resistance.
Now the price is creating a minor bullflag.
How to approach?
We are monitoring the price, if the price is going to lose the 0.11 and confirm the breakout, the next valid support is the daily one on 0.997$
According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Follow the Shrimp 🦐
If the breakout is confirmed and our rules are satisfied, we could open a new short position.