No it means if it retraces to the 38.2 and turns down it opens up for further bearish implications in that time frame. Now that we cleared an obstacle on the 5M (the 200 SMA) for the time being, go to the next higher time frame and look for obstacles there (which again is the 200)
If we clear the 200 on the 15M, drill to the 30M and notice there again is the 200, same scenerios for the 1H, 4H and Daily
If we clear the 200 on the 15M, drill to the 30M and notice there again is the 200, same scenerios for the 1H, 4H and Daily
Dislikedis it means that if the price retrace above 38.2 level, you will close your position in loss?Ignored