By Claus Andersen
15 min chart:
Another week and more price action to learn from. This week was another bull trend week. Before it became a bull week- price traded down in a bear channel. And a typical reversal pattern formed. It looked like this:
A bear channel is formed.
The bear channel-line is broken in exhaustion.
The trend-line is then broken.
After the trendline break the low is re-tested.
Then price attempts a reversal up.
A bull spike and channel is formed.
Then the marked is always in long again.
If you see the pattern form you get the chance of getting in early.
The support and resistance areas for next week trading is exciting. If price moves higher it is into an area that we have not been in for a long time. I put in the support and resistance as I see them in the chart below.
15 min chart
Have a nice trading week.