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Two price patterns on a five-minute chart: retracement back to a previous level, and breakdown through support that then retraces to the broken level. Enter trades when price confirms a change in delivery state by breaking down.
Two price patterns on a five-minute chart: retracement back to a previous level, and breakdown through support that then retraces to the broken level. Enter trades when price confirms a change in delivery state by breaking down.
Well, that is the first scenario that I'm going to be looking at. It's not the only scenario. Because while you may get this retracement, you could also just start breaking down from this point onwards. And if you break this level right here, and if you come back up to retrace it right, just like yesterday, we called the entry at the change in state of delivery, so that changes, the delivery price breaks down. Boom. That's the exact same setup that you want to look for on the five minute chart.
