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EOS Printing Textbook Price Action Around Daily Zone

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forexbrokr.
@forexbrokr
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Direct from the desk of Dane Williams.



Hey team,

I know most of the LeoFinance community are happily drunk on the CUB chart (yes, myself included haha), nothing changes in terms of my systematic approach to day trading.

My higher time frame support/resistance zones remain drawn on my TradingView forex and crypto watch lists and if price trades around a key zone, then they market is now in-play.

Speaking of in-play markets, we've been trading around the EOS support/resistance zone at $4.00 for a while.

You remember?

If not, you can follow our EOS narrative via the link in the paragraph above.

Remaining in the present however, let's take a look at the updated EOS daily chart below.

EOS/USD Daily:

You can see that still, the key higher time frame support/resistance zone remains the $4ish dollar zone.

While we'd rather a sustained move in one direction to really take advantage from a day trading point of view, the price action is certainly highlighting the significance of the zone if nothing else.

I mean just take a look at the way price trades around the centre line on the EOS hourly chart below.

EOS/USD Hourly:

It's cool right?

I'm convinced that any successful day trading strategy MUST take into account higher time frame support/resistance zones such as these.

They're areas where markets trade the most efficiently and therefore make it much easier to use as the basis for your entries.

Something I do when trading my simple support/resistance trading strategy right here on the blog.

Best of probabilities to you,

Dane.



FOREX BROKR | LeoFinance Blog Daily market analysis.

Posted Using LeoFinance Beta