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Wednesday, October 7, 2020

Simple TA following trends

Simple TA following trends

Keeping this short and simple

1st scenario (Break out of resistance: purple line)
If a 1H candle decides to close above trend resistance (purple line) we can expect price to reach towards the 10,700 horizontal resistance area and continue to aim towards new trend support (purple line).

2nd scenario (break in trend support: black line)

Now if a candle decides to close below trend support (black line). We can expect to see retest of horizontal support at 10,500 area. A bounce back would be likely, and which it will aim towards purple resistance trend line and bounce around the horizontal support and trend resistance.

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