By Claus Andersen
26. February 2020
Bears took control as the corona panic spread. When price is dominated by one side we as daytraders have to trade with the move. So getting short at almost any opportunity would have gotten you money the past week. Great runners and great add-ons. Now price is breaking out of the most recent bear channel and that could mean a change of context. The move down was so strong that another test of the low of the move is most likely.
On this daily chart it is clear that price has reached a measured move on the pullback. And it is at major support. Probabilities are that price at least will pause here. We will have to wait and see. But we already got a nice prof with the bounce today.
Trade smaller and more carefully when volatility is this high.
A bit more detailed analysis in the video below.
Support and resistance was adjusted in the latest YouTube video:
Let’s level up together 📈
AIL = Always In Long
BO = Breakout
FBO = Failed Breakout
PB = Pull Back