Main items we can see on the chart:
a) Currently, the price is inside a yellow range
b) We see an interesting bullish or bearish potential depending on the breakout of the range
c) The strategy we will use to take advantage of this situation is to wait for the breakout and then look for corrective structures on the 30minutes or 15 minutes chart
d) The corrective Structures we will be looking for must be an ABC pattern, and we should see a Pullback (if we have a bearish breakout) or a Throwback (if we have a bullish breakout)
e) If you don't know what Pullback and Throwback is here is a quick explanation: After the price breaks a clear structure we will see a retest of that broken level, that movement is called pullback on bearish breakouts, and is called throwback on bullish breakouts
a) Currently, the price is inside a yellow range
b) We see an interesting bullish or bearish potential depending on the breakout of the range
c) The strategy we will use to take advantage of this situation is to wait for the breakout and then look for corrective structures on the 30minutes or 15 minutes chart
d) The corrective Structures we will be looking for must be an ABC pattern, and we should see a Pullback (if we have a bearish breakout) or a Throwback (if we have a bullish breakout)
e) If you don't know what Pullback and Throwback is here is a quick explanation: After the price breaks a clear structure we will see a retest of that broken level, that movement is called pullback on bearish breakouts, and is called throwback on bullish breakouts