The trading idea is based on a reversal signal from the support zone.
If the price breaks the local downtrend line, it will be an additional bullish signal. The market will provide us a buy opportunity.
RSI confirms the price reversal. MACD histogram supports the price reversal and further upward movement. MACD lines are going to support buyers as well.
I can't give you the exact entry and exit points, as we don't have the breakout. But we can add this market to the watchlist and wait for the additional signals and follow them.
Stop orders for the long trades must be placed below 1.08800 and the local swing low. Profit targets should be at 1.10000 and SMA100.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price breaks the local downtrend line, it will be an additional bullish signal. The market will provide us a buy opportunity.
RSI confirms the price reversal. MACD histogram supports the price reversal and further upward movement. MACD lines are going to support buyers as well.
I can't give you the exact entry and exit points, as we don't have the breakout. But we can add this market to the watchlist and wait for the additional signals and follow them.
Stop orders for the long trades must be placed below 1.08800 and the local swing low. Profit targets should be at 1.10000 and SMA100.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Comment:
The price broke the downtrend line but we should not open long positions from the market prices. The new swing high can be used for placing pending orders for buy.
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