Previously we can see that price had been trending down in a channel for quite sometime, recently price broken out the Falling Wedge Pattern, now we see it pulling back to the previous structure where it break from. Both SMA 20,50 points up indicating up trend although not 100% certain but it based on my own strategy and I look to buy.
Reason to enter buy, with the 4 probability's' of:
1. Price Pulling back to the Break of Falling Wedge Pattern
2. Previous Resistance becomes now Support
3. SMA acting as dynamic support, (20 & 50)
4. Fibo retracement of 61.8%
R:R of at least 1:1.
Reason to enter buy, with the 4 probability's' of:
1. Price Pulling back to the Break of Falling Wedge Pattern
2. Previous Resistance becomes now Support
3. SMA acting as dynamic support, (20 & 50)
4. Fibo retracement of 61.8%
R:R of at least 1:1.
Comment:
TP HIT