- Daily >> Price broke area of resistance at 0.68554 and pushing up to the 55 MA at a resistance level 0.69685
- 4 hour >> Price made a double bottom (bullish signal). Price broke resistance level at 0.68554 to make a new higher high and currently hitting the 200MA
- 1 hour >> Price broke through 1st resis lvl at 0.68025 made a higher high and retested same resis level now turned support and pushed up higher
- 1 hour >> Price is currently consolidating wityh an over bought stochastic.
- Overall >> Price is in a bearish zone on the Daily and weekly Charts. However, there is some bullish momentum on the 4 hour and 1 hour charts which is helping the retracement on the higher time frames. Trends have reversed on lower time frames up to the hourly chart. It is expected that the price will bounce off the 200MA on the 4 hour and go down a bit to either the 0.68554 level or lower to the 0.68025 before going back up.
Conservatively we can wait for the price to go down and wait for buy signals before entering as the price is still in a daily bearish zone or aggressively, we can place buy limits at both areas with 30 pip SLs
Target is the daily 55MA or resis level of 0.69511
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Disclaimer: The Trade setups are based on my analyses and ideas and they are not signals or trading advice. Do your own analysis before you enter any trade based on my shared analyses. Trades are entered once criteria is met....Remember trading is risky and we can't force the market in any direction..#ExercisePatience
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- 4 hour >> Price made a double bottom (bullish signal). Price broke resistance level at 0.68554 to make a new higher high and currently hitting the 200MA
- 1 hour >> Price broke through 1st resis lvl at 0.68025 made a higher high and retested same resis level now turned support and pushed up higher
- 1 hour >> Price is currently consolidating wityh an over bought stochastic.
- Overall >> Price is in a bearish zone on the Daily and weekly Charts. However, there is some bullish momentum on the 4 hour and 1 hour charts which is helping the retracement on the higher time frames. Trends have reversed on lower time frames up to the hourly chart. It is expected that the price will bounce off the 200MA on the 4 hour and go down a bit to either the 0.68554 level or lower to the 0.68025 before going back up.
Conservatively we can wait for the price to go down and wait for buy signals before entering as the price is still in a daily bearish zone or aggressively, we can place buy limits at both areas with 30 pip SLs
Target is the daily 55MA or resis level of 0.69511
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Disclaimer: The Trade setups are based on my analyses and ideas and they are not signals or trading advice. Do your own analysis before you enter any trade based on my shared analyses. Trades are entered once criteria is met....Remember trading is risky and we can't force the market in any direction..#ExercisePatience
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Trade active:
Price came down to 3 pips away from buy limit. A position was entered
Trade closed: target reached:
Take profit target reached
Placing a buy limit at 0.68554, a support area that is close to the 30 min 200MA