Second analysis is about the TenX, previously mentioned by us on the 16th of July. In this piece, I will show You the importance of patience. In price action strategies, very often you have to wait for the price to show You the direction on the resistance/support. You do not guess, you react. In the previous piece, PAY was very strong but, we said that the buy signal will be triggered only, when the price will break the trendline:
“Price closing the day above the down trendline will be a trigger to the major buy signal but for that, we still have to wait a bit. „
TenX did not manage to close above that resistance, which denied the bullish sentiment. Our readers were safe. Instead of climbing higher, the price reversed. From 1,01 USD back in that day to 0.89 USD seen now. As for now, the price is on a very important mid-term support. Bounce from the yellow area will give us a buy signal and a breakout will do the opposite- trigger a signal to go short.