H4 - An opportunity to long/buy the markets
I got an opportunity to buy/long this market as market is already at its extreme oversold in this TF while having multiple confluence (reasons) as well.
Here are the following reasons and confluences via TA:
1. Advance Pattern Completion - Bullish Cypher
2. Visible Diagonal Ascending Channel - S/R
3. Horizontal market structure S/R
4. 0.71 Price Psychological number
5. Double bottom to a possible TR 2618 on H1
6. Double bottom to a possible TR 2618 on H1
7. RSI oversold at 20 mark on D1
I am planning to enter via TDA and look for a TR setup on the LTF for a tight SL, precise entry to minimize possible risks and maximize potential rewards. TP levels as much as possible will be taken on the core setup on this TF while having trade management applied on the TF of entry hence managing SL upon the initial and conservative TP is (if) taken.
Low maintenance type of trade (risky): D1 candle HHHC will trigger a buy/long trade, stops just below previous day low and TP as the core setup given in the chart.
On the side, you could apply your favorite indicators to confirm if market will be having a relief now (reversal) from this point. Nevertheless, market price breaking previous pattern's range low (X point) would invalidate the setup and possibly continuous market moving downwards (bearish). Trade with care.
Risk Disclosure: This is not a signal nor a trade call. This is my personal analysis in this market, and upon my analysis is a possible trade plan. Take this as one of your confluences and only follow your trade plans. You and you alone are responsible for deciding if you are comfortable accepting the potential risk involved in trading the Financial Market especially the Forex market. Do not invest money you cannot afford to lose, use only risk capital. Past performance is not indicative of future results and please use caution when using leverage in trading or investing.
Here are the following reasons and confluences via TA:
1. Advance Pattern Completion - Bullish Cypher
2. Visible Diagonal Ascending Channel - S/R
3. Horizontal market structure S/R
4. 0.71 Price Psychological number
5. Double bottom to a possible TR 2618 on H1
6. Double bottom to a possible TR 2618 on H1
7. RSI oversold at 20 mark on D1
I am planning to enter via TDA and look for a TR setup on the LTF for a tight SL, precise entry to minimize possible risks and maximize potential rewards. TP levels as much as possible will be taken on the core setup on this TF while having trade management applied on the TF of entry hence managing SL upon the initial and conservative TP is (if) taken.
Low maintenance type of trade (risky): D1 candle HHHC will trigger a buy/long trade, stops just below previous day low and TP as the core setup given in the chart.
On the side, you could apply your favorite indicators to confirm if market will be having a relief now (reversal) from this point. Nevertheless, market price breaking previous pattern's range low (X point) would invalidate the setup and possibly continuous market moving downwards (bearish). Trade with care.
Risk Disclosure: This is not a signal nor a trade call. This is my personal analysis in this market, and upon my analysis is a possible trade plan. Take this as one of your confluences and only follow your trade plans. You and you alone are responsible for deciding if you are comfortable accepting the potential risk involved in trading the Financial Market especially the Forex market. Do not invest money you cannot afford to lose, use only risk capital. Past performance is not indicative of future results and please use caution when using leverage in trading or investing.
Comment:
If not taken, we could wait for a possible 2618 long trade setup (opportunity). Congrats for those who took the setup as TP 1 on an aggressive way trading a DT/DB is already taken. Now with applied trade management. Will price reach my TP 1 on the APF setup? we will see.
Comment:
2618 trade setup for re-entry LONG if bias is still the same. Caveat
Comment:
If taken the bull 2618 setup. SL has been reached.