Last month It ran a range between MPP (P) 109.442 and MPP (R1) 110.769.
[Reference] Location of MPP of last month
In July, the resistance of the MPP (R1) last month went out and price ran up like a racehorse who confirmed the gate opened. However, although it is commonplace, that alone is not a strong trading reason.
There is a strong trend line above. Weekly chart
That trend line has come close to MPP (R1) 111.541 this month. Therefore, it is thought that the vicinity becomes strong resistance.
Also, as it is a range market, it is still a scene to take both long and short compactly. Moreover, the rise and fall of the high and low are also not clear. It is a situation that can not be trusted.
Based on those, I think that it will be the next turn around the most recent.
<< tactics >> 1-1) It reached near MPP (P) 110.133 and served as support. long. The first limit is under 111.000 which is near the last highest. The second limit is under WePP (R1) 111.326.
1-2) It reached near MPP (P) 110.133, penetrated and fell down. Short by confirming that MPP (P) 110.133 functions as resistance and 110.000 does not function as support. Nothing is possible if MPP (P) 110.133 fails before functioning as a resistance.
2-1) It reached near MPP (R1) 111.541, and functioned as a resistance. short. The first limit is on WePP (P) 110.347. The second limit is on MPP (P) 110.133.
2-2) MPP (R1) 111.541 be penetrated and price ran up. I will look for opportunities of long. but be wary of the trend line.
I would be grateful if you like it idea,give me follow or agrees!
------------------------- <Legend> -------------------------- Brown thick line: Yearly Pivot Points (YPP in the text) Light blue thick line: Monthly Pivot Points (MPP in the text) Green thin line: Weekly Pivot Points (WePP in the text) Indigo thickLine: Horizontal line or Trend line seen by weekly or monthly Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily Indigo dotted line: outstanding double zero
Red curve: EMA 20 close Indigo curve: EMA 200 close Green curve: EMA 800 close Black curve: EMA 1600 close
x mark: Line which may not function ------------------------- <Legend> --------------------------
Order cancelled
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it have been 2-2) pattern. I'll continue to observing.