Well, This is a countertrend trade, so be cautious.
1- uptrend
2- Chart pattern (bullflag)
3- Price is within downward channel that could translates to short opportunity, but in the long term the price will hit higher.
4- Also since its an uptrend so its also possible that the price will close above the blue line and continue higher from there, but since lately the price action is bearish so i would lean bearish until 7.12 EGP, then bullish from there.
5- I hope that the price wicks in the gray area above the blue trendline and from then go to the 1h tf, check if the price action turns bearish, and we can enter from there.
Check the news, also the economical situation in Egypt has been good lately and expected to do better in the coming months, so short positions should be monitored.
DYOR
1- uptrend
2- Chart pattern (bullflag)
3- Price is within downward channel that could translates to short opportunity, but in the long term the price will hit higher.
4- Also since its an uptrend so its also possible that the price will close above the blue line and continue higher from there, but since lately the price action is bearish so i would lean bearish until 7.12 EGP, then bullish from there.
5- I hope that the price wicks in the gray area above the blue trendline and from then go to the 1h tf, check if the price action turns bearish, and we can enter from there.
Check the news, also the economical situation in Egypt has been good lately and expected to do better in the coming months, so short positions should be monitored.
DYOR
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.