BREAKING DOWN ANY PRICE ACTION CHART IS NOT THAT HARD..... YOUR EYES WILL GIVE YOU ANSWERS.
1) PINK LINES- major Support & Resistance Levels
2) YELLOW AREA- best continuing PA trend lines are between 30-45 degrees. If they are higher then 45 degrees to fast & will drop to a normal level & if they are to low will come up to 30 degrees for trend to continue. Now PA is still above an 30 degree PA trend-line angle.
3) GREEN LINES- major bullish trend lines
4) RED LINES- major bearish trend lines
5) BLACK LINES- current PA support and resistance levels
6) NOTE: LIGHT BLUE 1-5 LINES: bearish elliot impulse wave is going on- PA is now on 4-5 wave (last one).
7) NOTE: bearish three candlestick pinbar candlestick which happened last 45 minutes of trading.
8) NOTE: RSI is still slightly above the 50 level, but will drop quickly during next trading day.
*From current chart (my opinion is) that current PA has broken a major support & resistance level which is PINK LINE of 1.30000 (psychological round number) and will EASILY go down to next support area of 1.29000. YES- that is .01000 pips <next week> drop to the BEARISH SIDE. Before anything else- PRICE ACTION will answers a lot of your questions related to: Trend, S/R, round numbers & show you Engulfing, Harami & Pinbar reversal patterns too.
1) PINK LINES- major Support & Resistance Levels
2) YELLOW AREA- best continuing PA trend lines are between 30-45 degrees. If they are higher then 45 degrees to fast & will drop to a normal level & if they are to low will come up to 30 degrees for trend to continue. Now PA is still above an 30 degree PA trend-line angle.
3) GREEN LINES- major bullish trend lines
4) RED LINES- major bearish trend lines
5) BLACK LINES- current PA support and resistance levels
6) NOTE: LIGHT BLUE 1-5 LINES: bearish elliot impulse wave is going on- PA is now on 4-5 wave (last one).
7) NOTE: bearish three candlestick pinbar candlestick which happened last 45 minutes of trading.
8) NOTE: RSI is still slightly above the 50 level, but will drop quickly during next trading day.
*From current chart (my opinion is) that current PA has broken a major support & resistance level which is PINK LINE of 1.30000 (psychological round number) and will EASILY go down to next support area of 1.29000. YES- that is .01000 pips <next week> drop to the BEARISH SIDE. Before anything else- PRICE ACTION will answers a lot of your questions related to: Trend, S/R, round numbers & show you Engulfing, Harami & Pinbar reversal patterns too.