By Claus Andersen
26. March 2019
Since last weeks high price has been trending down. A potential bear channel is forming. Before the bounce from the channel line price made a test of the low(The low at 10.00 on Tuesday). A double bottom. Sometimes when price tests the low before it breaks the trendline, then probability is, that it will go higher without another test of lows. The lower lows that price made on the way down was increasing stair steps. That means momentum to the downside is picking up, in expectations of lower prices . With conflicting tells I would bet more sideways than. But there is no arguing that that the always in is down on the 15 min timeframe. As I said in the video from last week a measured move down would take prices 11.100, then the magnet might be 11.000. Better moves in the last days, hope you all are getting some money out of it.
New support and resistance levels this week. Since price hasn’t been in this area for a month it will be interesting to see how price reacts on support and resistance.
The open strategy made money on both Monday and Tuesday this week so far.
Have a nice trading week.