This setup is a combination of a bullish breakout on the 1 hour chart, and a retracement play on the 4 hour.
I'm going to look for buys if we can get a small dip to tenkan sen or kijun sen and hold above them on the 1 hour time frame.
That will be my chance to get long and aim for my overall target I've drawn out here, as well as the partial take profit levels I've drawn lines at.
Our overall target also lines up with the bottom of the flat kumo on the 4 hour chart so it will likely turn into a major resistance area for us and give us a chance to evaluate how this trend is doing.
If we fail to hold support and climb higher, or if these bullish confirmations on the 1 hour chart change, this setup may become invalidated.
I'm going to look for buys if we can get a small dip to tenkan sen or kijun sen and hold above them on the 1 hour time frame.
That will be my chance to get long and aim for my overall target I've drawn out here, as well as the partial take profit levels I've drawn lines at.
Our overall target also lines up with the bottom of the flat kumo on the 4 hour chart so it will likely turn into a major resistance area for us and give us a chance to evaluate how this trend is doing.
If we fail to hold support and climb higher, or if these bullish confirmations on the 1 hour chart change, this setup may become invalidated.