daily doji after downmove created in support area, Price broke this support but cant hold there, buyers are stepping in, sellers are not in control now, Indecision(doji) at support area gives potential for upmove. Stochastic in oversold area. Bullish outlook will be invalidated after close below doji.
1st target 50percent retrace from downmove 2nd target recent high
Comments
vaicru
⋅
Beautiful
Long !
ForceFollower
⋅
Yes, it was a beautiful trade idea. :)
ForceFollower
⋅
Sure, everything looks lined up for a rally, except for the fact that the big trend is down. At your first target I'd be looking t go short.
itaskar
⋅
50 retrace done, watching this area in 240 for another sell signal, yesterdays evening star should hold
ForceFollower
⋅
Yes, I think it's a good place to go short.
itaskar
⋅
although price fell recently, on daily we can see bullish engulfing which wrapped 2 whole prior bodies tradingview.com/x/4EoP2oUp/. So buy signal after 2 indecision days. On 240 price created new highs tradingview.com/x/23Bo0DG0/. I cant see any sell signals on 30/60/240 so I expect the price to move higher.
itaskar
⋅
30/60/240 close above potential resist area but price stoped at 38 percent retrace, so may partial close is here possible(1:1 ratio reached) and stop to break even.
ForceFollower
⋅
You made a profit in a nice style - a strong candle, almost no time wasted.
itaskar
⋅
yep, still expecting the 50 percent retrace test and I noticed this broadening triangle which should be completed now, so I will watch the candles for daily bear trend continuation as well.
itaskar
⋅
similar pattern as in EURCAD, trend continuation after retrace
Long !