Typical BTMM strategy
We can see on the charts how last week we had a bearish cycle going down to 1.49250 yet could not break that zone. After that, we made a multi session W formation and today we are coming in to create a wedge that should breakout soon enough to create a new higher high and change momentum for this trade to the upside. Stop is a bit too much in my case but I am hoping for a good long term swing to the upside so If price keeps going up I may even keep this open hopefully.
Confirmations:
- second level rise off a wedge
- price could not break hesitation zone of 1.49250 so it could not go to next quarter, therefore it must go up
- on 4h we see price pinning liquid 50 and baseline so im hoping for a rejection off that key level
- reversal should come in London Session
- price is above large quarter point of 1.50000 and should go up to next quarter point of 1.525000
We can see on the charts how last week we had a bearish cycle going down to 1.49250 yet could not break that zone. After that, we made a multi session W formation and today we are coming in to create a wedge that should breakout soon enough to create a new higher high and change momentum for this trade to the upside. Stop is a bit too much in my case but I am hoping for a good long term swing to the upside so If price keeps going up I may even keep this open hopefully.
Confirmations:
- second level rise off a wedge
- price could not break hesitation zone of 1.49250 so it could not go to next quarter, therefore it must go up
- on 4h we see price pinning liquid 50 and baseline so im hoping for a rejection off that key level
- reversal should come in London Session
- price is above large quarter point of 1.50000 and should go up to next quarter point of 1.525000
Comment:
hit my breakeven after i took partial profit at 40+ profit, Not much gained but nothing lost