the price is testing an important support zone on the weekly support.
After a daily breakdown, the price retested the previous support as new resistance and now the price is creating a descending channel on the weekly support and below the daily resistance.
The market starts with a higher high and higher low below the major daily resistance.
How we can approach it?
We need to wait and see a clear breakout of daily resistance and descending channel, retest the previous resistance as new support. Only in that case we could apply the Plancton's rules to open a new long position.
–––––
Follow the Shrimp 🦐
Keep in mind.
After a daily breakdown, the price retested the previous support as new resistance and now the price is creating a descending channel on the weekly support and below the daily resistance.
The market starts with a higher high and higher low below the major daily resistance.
How we can approach it?
We need to wait and see a clear breakout of daily resistance and descending channel, retest the previous resistance as new support. Only in that case we could apply the Plancton's rules to open a new long position.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
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