alright traders This is a easy pair to assess.
As we have a bear rally that spiked upwards into a range
And a continuation out the range in the same direction
Now we see price is going back into the range here as it don’t want the lower price.
Such simple overlooked price action. I wonder how many traders that trade this pair or work it up see this with ease🤷🏾‍♂️.. cus it really can’t get much easy than this and we are on the monthly so we are talking big money and big money to b made and you can be apart of this too.. Now let dig into the psychology of this .
A spike in range is A very very potent price action layout A spike in range is when we have a establish trend but price pops up against the trend and go right into a range..
What do this mean exactly. And in this case it shows the bulls are fighting to keep price high and want to talk about this decline hint the range is the conference room Now after the range we have the breakout in the bears direction thus this isn’t a fake out because the Trend is bearish . And we should all know by now breakout fail most of the time.But we left the range in the direction of the trend this is rejection of the high. Now moving on
We see post COVID spiked price in the other direction. As price reversal again! Back into the range to talk bout this sell.
Now note as price goes back into the range we have a decrease in bull volume . And now currently we have strong divergent on the 4hr with double tops and rejection candlesticks and all that jazz 🤷🏾‍♂️.. So it’s clearly to see what’s going on here.
The pair is rejecting the discussion that takes place at a range. But the bulls is consistent with it..
How to trade .
We follow price as there isn’t no fake out here. Next week we should have a clear sign on what the outcome will be. If price makes it back into the conference room and get to talk then we know not to trade this pair at least on the higher time frame cus the range is big and if u want to trade in it it’s big enough but why bother there’s other pairs that are trending and with less spread 🙅🏾‍♂️.
But if price rejects this conference then boy we can sell right then and ride this train to hell until the next meeting and who know when that will take place cuz the monthly rules. I’ll be waiting for the outcome of this..