So far, price is repeating a pattern that we saw yesterday.
Both sessions saw rallies up off a key support level, only to see price break and collapse under this level mid-day to continue the sell-swing (retracement) on the higher timeframe.
What’s going on now and what levels are important? Let’s see:
Here’s a key strategy planning quote from last night’s members-only update:
“On a bigger picture, price remains in a TRADING RANGE (Daily chart) and at the moment, should continue trading DOWN AWAY FROM the upper resistance level – we’ve seen this happen over the last three sessions as expected.”
“For now, if price continues to “do what it should do,” then it will fall down toward the 2,080 level, down away from the 2,100 support level.”
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We note the real-time action as price continues to “do what it should do.”
For intraday and swing traders, it’s just a matter of trading the retracements or even breakdown trades that trigger along the price pathway lower (should it continue).