Target: 0.78085
Invalidation point: 0.78900
Reasons why:
* RSI Negative reversals on 4H chart, target 0.78085
* RSI moves between 20 and 60 (bull markets move between 40 and 80)
* Previous bottoms give resistance
* Price below the Moving Averages
* Daily, Weekly and Monthly Timeframes aligned
Overview of timeframes
M) Down: below MA's, testing RSI 60. But PR TA Hit,
so trend change maybe possible
W) Down: missed PR TA, but trend not confirmed yet
D) Down: move below NO and just broke down RSI40
4H) Down: NR TA: 0.78085
Invalidation point: 0.78900
Reasons why:
* RSI Negative reversals on 4H chart, target 0.78085
* RSI moves between 20 and 60 (bull markets move between 40 and 80)
* Previous bottoms give resistance
* Price below the Moving Averages
* Daily, Weekly and Monthly Timeframes aligned
Overview of timeframes
M) Down: below MA's, testing RSI 60. But PR TA Hit,
so trend change maybe possible
W) Down: missed PR TA, but trend not confirmed yet
D) Down: move below NO and just broke down RSI40
4H) Down: NR TA: 0.78085
Trade active:
Target is hit:
- No sign of a bottom on all higher timeframes or a trend reversal.
- Move current stop to break even
- Once it breaks down 0.77856, move SL a little bit above 0.78085 (previous target)
New target is to be defined
- No sign of a bottom on all higher timeframes or a trend reversal.
- Move current stop to break even
- Once it breaks down 0.77856, move SL a little bit above 0.78085 (previous target)
New target is to be defined
Trade closed: target reached:
Target hit, profit locked. New analysis will follow