A good trading opportunity near monthly support targeting our Daily LH for a longterm tp of 1.72. TP 1 targeting our channel high
We are riding alongside bullish momentum. Within this bullish channel, we are jumping in at previous 4h resistance. Daily closed above previous open which reinforces my bullish bias.
At the time of publication, we have had a successful break of structure on 15m. Which validates this prize zone as support. Remain vigilant. I will be watching for successful transitions to 1h and to 4h. If we do not see transitions on higher time frames we will partial and move our stops to break even.
Have a great trading week!
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I commented "break of structure on 15m", I meant to type, "break of structure on 5m"
30m chart shows a further push to the downside. We want to see price use that for a break of structure into higher timeframes. Remember we have our SL below yesterdays low. Price may continue to drop to fill in that daily wick before buyers step in.
I am watching for price to either hold or break 1.70820.
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Price has reached 1.70820 - Which is the 2h higher low. This is a good time to buy the price offers a great R/R.
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Previous daily low reached. Wick filled. If price cannot hold up this price zone, we will be looking for exits.