Scenario2 dotted trend line + 11647 short proved fruitful.
Observations:
- Failing to attempt the supply/resistance line of channel =
bearish
- Descending triangle = bearish setup
- Low participation in the market = tendency to whipsaw
- volume
Possible scenarios:
1) Breakdown of channel + descending triangle for
short on retracement
2) Market goes into rotation zone (yellow box, about 500pt range),
so we find trades at the zone's edges
Weekly = Higher vol down bar, narrow spread,
narrower net decline = minor demand
Daily = Ave vol down bar close at low = minor supply
Price reaction levels:
Short on Test and Reject | Long on Test and Accept
13587 13200 12735
12140 11647 11393
11068 10359 - 10532
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Have a profitable trading week ahead.
