Buy/sell swing in clear horizontal channel Sup/Res pattern
I have presented the day chart with a clear pivot pattern from the top resistance of .96500. I have clearly mapped out the top rejections mapped by the red arrows since we entered this channel in early July. The light blue horizontal lines represent strong support lines and red horizontal as strong resistance.
I have placed a green horizontal line as my buy stop at .96000. However this can change depending on how the market opens. Anything can happen so you can never be %100 sure of the direction. My TP once buy stop is triggered is set for that top redline resistance at .96500
I will then look to place a sell stop at .96400 if I see a strong candle retracement off top resistance using lower timeframe. My TP once that is triggered will be set for that strong support at .95000.
The most important horizontal line I mapped is the light purple resistance in the middle of channel at .95800. This is a strong resistance once .95000 is breached on the way to top resistance. Bottom red arrow point to these occurrences as there is a medium retest before going back to top resistance. You can observe within the current day channel that the retest already took place. This gives me sentiment we will have a smoother ride to the top resistance.
Please comment with any thoughts and comments!. This seems like a clear play out given the strong support/resistance points that have had the pair stuck in a horizontal channel for about 5 months.
I have placed a green horizontal line as my buy stop at .96000. However this can change depending on how the market opens. Anything can happen so you can never be %100 sure of the direction. My TP once buy stop is triggered is set for that top redline resistance at .96500
I will then look to place a sell stop at .96400 if I see a strong candle retracement off top resistance using lower timeframe. My TP once that is triggered will be set for that strong support at .95000.
The most important horizontal line I mapped is the light purple resistance in the middle of channel at .95800. This is a strong resistance once .95000 is breached on the way to top resistance. Bottom red arrow point to these occurrences as there is a medium retest before going back to top resistance. You can observe within the current day channel that the retest already took place. This gives me sentiment we will have a smoother ride to the top resistance.
Please comment with any thoughts and comments!. This seems like a clear play out given the strong support/resistance points that have had the pair stuck in a horizontal channel for about 5 months.
Trade active:
Buy stop triggered