Morning Guys, my younger brother has been looking at EC for a while and I thought I’d share his and my thoughts on the movement of the instrument.
On the monthly TF, we have a bullish trend confirmed by another bullish trend on the Weekly. Currently, price is testing both those trendlines at 1.45
Telling by the amount of Doji candlesticks in this zone, the price might consolidate for a while before reversing to the upside. Since the overall trend is bullish and we can see a bearish flag forming on the 4H, we can rely on these signals as confirmation that price might reverse to the upside.
What to do?
Since the price has been making HH’s since the test of our previous support zone at 1.44. We’ve decided to set up a long entry from the current price using fib levels for stops and targets.
Entry : 1.45105
SL: 1.44825
TP 1: 1.45406
TP 2: 1.45983
Goodluck Guys. Always remember to use your best risk management. Protect your purse at all costs that’s how you stay in the game.
On the monthly TF, we have a bullish trend confirmed by another bullish trend on the Weekly. Currently, price is testing both those trendlines at 1.45
Telling by the amount of Doji candlesticks in this zone, the price might consolidate for a while before reversing to the upside. Since the overall trend is bullish and we can see a bearish flag forming on the 4H, we can rely on these signals as confirmation that price might reverse to the upside.
What to do?
Since the price has been making HH’s since the test of our previous support zone at 1.44. We’ve decided to set up a long entry from the current price using fib levels for stops and targets.
Entry : 1.45105
SL: 1.44825
TP 1: 1.45406
TP 2: 1.45983
Goodluck Guys. Always remember to use your best risk management. Protect your purse at all costs that’s how you stay in the game.