As depicted in the chart, the price successfully broke above a range-bound area yesterday. This pattern, known as the "line formation" in Charles Dow's trading strategy, represents the only tradable Daily time frame pattern based on Dow's principles. We are currently waiting for the price to retest the previously broken resistance, with the expectation that it will now act as support.
To maintain our position and adjust our stop loss in line with this bullish trendline, it is essential for the price to remain above our short-term trend.
In order to manage our Risk-to-Reward ratio effectively, we have decided not to initiate a position until the price reaches our designated support level. At that point, we will be on the lookout for bullish price confirmations.
by the way If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
To maintain our position and adjust our stop loss in line with this bullish trendline, it is essential for the price to remain above our short-term trend.
In order to manage our Risk-to-Reward ratio effectively, we have decided not to initiate a position until the price reaches our designated support level. At that point, we will be on the lookout for bullish price confirmations.
by the way If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Trade active:
Today, the price reached our support area, and we entered the market after receiving confirmation from a candlestick pattern.
Trade active:
price just reached our first profit target. we will close half of our position here and wait to see what price is going to do next.
by the way If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
by the way If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Trade closed: target reached:
Price triggered our second take profit area
Comment:
Price currently is forming another bearish corrective move which shows price further intention for going higher. Looking good for finding another area to go long. by the way If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Comment:
Once again price reach out to the price level we took long position from it before, As this support area is very important to us we are monitoring this pair again for another potential long position. stay tuned.
