In my last idea I seem to have identified the wrong wave 1....That is why price reached my stop loss and started reversing. This time the reversal is clean and evident. This pair is going up big time!!!
Hello Nidal, I already had a bullish bias, based on EW count, and was wrong once due to wrong wave 1 identification, also, the support/resistance medianlines support my hypothesis that the reversal will take place from we are sitting. In addition a head fake is something very well documented by Bollinger himself in his book, an engulfing AT THE OUTER 2STDEV LIMIT of the bb is a very strong reversal signal unlike a usual engulfing, that is why I believe this pair will start heading higher. Thank you for the great input, and hoping to get more of constructive discussions like this one with you in the future.
NidalDarawsheh
⋅
HI Hamza, Thanks for sharing your idea but I would not get too excited about going long here, from a pure naked price action point of view:
1- Price was rejected twice at 96.5 since early april.
2- Price broke major uptrend and trend line was tested 3 times (so far) – on the daily chart
3- Price broke major resistance area 95.4 -95.2
4- For 2 weeks price fail to close above 95.2 on the weekly chart
5- I would not count much on Friday bullish candle, it’s Friday TP day after all and some scalping buy order, it would have been an interesting candle if we saw a close above 95.233 Thursday open.