The price has managed to break the resistance of the main falling channll
Closed above the 50-days SMA
Bullish divergence on RSI
Retesting the latest major swing high
A break above this latest LH at 0.7900 might confirm further upside as the price would invalidate the structure of lower highs and lower lows, recording a anew higher high.
What's next
1)Long Scenario: Will wait for a confirmed breakout above that resistance through a daily closing. Then move to the four-hour chart to time my entry targeting 0.8020 then 0.8110. 2)Short Scenario: A bearish signal below 0.7900 resistance over the four-hour time-frame. e.g. Bearish pin bar candle, double top formation, support breakout. Targets for this scenario at 0.7740 and 0.7650.
Will try to update with my actual trade if possible. Thank you for reading , be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you ------------------------------------------------------------------------------------------------------------------------------------------------------------ Good luck, keep your stops tight.. twitter.com/thefxchannel facebook.com/thefxchannel plus.google.com/+Thefxchannel0 My best regards Technician
Comments
DanV
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Hi, Excellent chart. It seem we have similar analysis with different approach but you beat me to it in publishing. lol
yep, as i can see from the chart you have a clear bearish scenario before the upside. For me, i don't a specific scenario, i would go for up or down depends on what signal i get. Good luck mate
DanV
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Yes that is true, I do have a bearish bias with very limited upside as part of completion of this correction to the upside. Thanks.
tommyjones91
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I have to say I find your Charts and analysis very helpful, so thank you sir! I also visited your site today when will it be up and running?
Technician
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Thanks there. Still need some time cant expect at the moment, but hopefully one month.
AliAnzari
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Confussing @ the moment didnt break the support on D1 but momentum is bullish still lets see :)
riskfirst
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Thanks mat, I'm looking for a false break and then short.
Technician
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could be, but am not sure how anyone could gauge if a breakout is false or not
riskfirst
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We have had 2 inside bar before the breakout of MB, If we have a bearish PB closing inside the 2 IB, for me it will be a false break of MB.
Here is my chart tradingview.com/v/XJnrtOpM/