NICKEL : Price has been moving in a strong downtrend with clean lower-lows & lower-highs since MAY-2015 & currently we saw a false or failed breakout to happen above the key flip resistance ( which was an old support before ) of 680(learn : FLIP level strategy). In our ADVANCE PRICE ACTION COURSE, this failed type of breakout is termed as "TYPE-2 BREAKOUT FAILURE" & generally this type is considered to be a strong one to trade. The correction occurred between 610 to 680 level is also quite impressive as lot of tiny candles of bullish & bearish shapes are seen which is one of the sign that the impulse move(overall downtrend here) is still in control & the buyers are not able to takeover the control yet. Finally, we're finding some price action sell signals here to join the downward momentum & expecting price to move much lower from here continuing with the overall downtrend.
SUMMARY : READ price momentum context – RECOGNIZE the pattern going on – TRADE the pattern till it ends and to learn it all join me in my ADVANCE TRADING COURSE & trade with me realtime using higher & lower timeframe charts.
PLS NOTE : All chart analysis posted here are the author's own idea of trading for educational purpose only & not any form of advice or recommendations or opinion to anyone.