Bullish Indicators 1. Low Test Candle (Daily Chart) 2. Low Test Candle (4 Hour Chart) 3. Daily & 4 Hour low test candle reject 125.500 area (key support zone) evident by blue circles 4. Low test candles (blue rectangle) low below 50 EMA, open & close above 50 EMA 5. Price forming Higher lows 6. Trend line resistance on 4 hour chart now turned support.
Risk Management Risk / Reward: 1:2.94 Stops: 125.400 (below low test candle low & below daily support level of 125.500) Target: 127.600 (Key Daily & Weekly Resistance)
Agree/Disagree? Comment Below!
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Target Reached.
Comments
Hey-Doji
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Agree. I’m looking for a retest of the descending trendline as confirmation. I’ll also be keeping an eye on how price reacts to the 127 level. I do like how your profit target of127.6 lines up with the .618 fibonacci extension. Nice break down!
UnknownUnicorn410332
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Thanks! Same. I'm keeping an eye out for consolidation around 127 before possibly moving higher, otherwise if there's bearish evidence at this level, position might have to be closed sooner.