THIS TRADE SHOULD WORK OUT PRETTY WELL.
REASON BEING "RANGE TRADERS" WHO BOUGHT AT 1.24 TO TRADE THE RANGE ARE STILL STUCK IN THEIR LONG TRADE, SOME OF COURSE HAVE BEEN STOPPED OUT, SOME HAVE NO STOPS AND STILL STUCK.
THEREFORE THESE TRADERS WHO ARE UNWILLING TO CLOSE OUT AT A LOSS HAVE THEIR STOP LOSS AT BREAKEVEN, I.E. 1.2400.
D1 50SMA 20SMA APPROACHING 1.2400 IN A FEW DAYS
WELL... SUPPORT TURNED RESISTANCE
REASON BEING "RANGE TRADERS" WHO BOUGHT AT 1.24 TO TRADE THE RANGE ARE STILL STUCK IN THEIR LONG TRADE, SOME OF COURSE HAVE BEEN STOPPED OUT, SOME HAVE NO STOPS AND STILL STUCK.
THEREFORE THESE TRADERS WHO ARE UNWILLING TO CLOSE OUT AT A LOSS HAVE THEIR STOP LOSS AT BREAKEVEN, I.E. 1.2400.
D1 50SMA 20SMA APPROACHING 1.2400 IN A FEW DAYS
WELL... SUPPORT TURNED RESISTANCE
