Lesson #7 - DeepSkyBlue2 - Support
DeepSkyBlue2 levels are a support level located further from the current price, similar to the MediumOrchid level – which is a resistance – but below the price. These levels play a crucial role in maintaining the price above this level, providing solid support in medium- and long-term time frames. This level is published in 5-minute cycles. The level acts as support in areas where it appears as a "solid line," but historical data shows that its optimal effectiveness is until 11:00 AM GMT.
Characteristics of DeepSkyBlue2 Levels
DeepSkyBlue2 levels, as part of the DML levels for the EURCAD currency pair, are characterized by clear price reactions upon reaching them. When the price approaches the DeepSkyBlue2 level, it often finds solid support, preventing further declines and initiating potential bounces. Such dynamics highlight the critical role of these levels in stabilizing the market and supporting the price in medium- and long-term perspectives.
Strategies for Trading DeepSkyBlue2 Levels
There are two main models for utilizing DeepSkyBlue2 levels in trading strategies:
Bounce from Support Level: This strategy involves observing the price as it approaches the DeepSkyBlue2 level and opening a long position (BUY) upon a bounce. Traders expect the price to bounce off the DeepSkyBlue2 level, creating an opportunity to enter a trade in the direction of the bounce.
Return to Breached Support: In situations where the price breaches the DeepSkyBlue2 level, this strategy assumes a return to the breached support level. This strategy is useful in medium- and long-term analyses where confirming support can significantly improve risk and capital management.
Summary
DeepSkyBlue2 levels, as an integral part of models related to DML levels for the EURCAD currency pair, offer unique opportunities for identifying key support points and managing risk. Their application in trading practice can significantly enhance investment efficiency, providing precise tools for analyzing and predicting market movements.
Examples of Price Reaction to DeepSkyBlue2 Levels on EURCAD
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Advanced sets of DML levels for the EURCAD currency pair
DeepSkyBlue
A package dedicated to beginners with no experience with DML levels.
10 GBP
50 days DeepSkyBlue levels
Free Tools for Downloading and Visualizing DML Levels
EURCAD Edu
A complete package dedicated to those who have completed the educational process.
20 GBP
10 days Plum levels
10 days MediumOrchid levels
10 days Coral levels
10 days Khaki levels
10 days Sienna levels
10 days DeepSkyBlue levels
10 days DodgerBlue levels
10 days SpringGreen levels
10 days DarkOrange levels
20 days Violet levels
20 days Aqua levels
20 days Olive levels
40 days Red levels
40 days Magenta levels
80 days Green levels
80 days SeaGreen levels
Free Tools for Downloading and Visualizing DML Levels
EURCAD Tra
A complete package of DML levels dedicated to active traders.
60 GBP
50 days Plum levels
50 days MediumOrchid levels
50 days Coral levels
50 days Khaki levels
50 days Sienna levels
50 days DeepSkyBlue levels
50 days DodgerBlue levels
50 days SpringGreen levels
50 days DarkOrange levels
60 days Violet levels
60 days Aqua levels
60 days Olive levels
120 days Red levels
120 days Magenta levels
200 days Green levels
200 days SeaGreen levels
Free Tools for Downloading and Visualizing DML Levels
Note: The content of the data packages offered on DeepMarketLevel.com may be greater than what is published on this page. Check the current available offer and always stay one step ahead of other market participants.
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Sienna
Sienna levels are a support level located close to the current price. This level is situated at a similar distance from the price as the Khaki level, which is a resistance. Sienna levels play a crucial role in maintaining the price above this level, providing solid support in short-term time frames. This level is published in 5-minute cycles. The level acts as support in areas where it appears as a "solid line," but historical data shows that its optimal effectiveness is until 11:00 AM GMT.
SpringGreen
SpringGreen levels are very good support from the beginning of the Asian session until about two hours before the start of the American session.
Of course, during the American session, this level can also be strong support, but there have been instances where this level was breached during the American session, and it took several days for a retest. For short-term trading, this is a considerably long period to wait for the price to return to this level.