Hi Traders,
I am looking at this potential Double bottom forming on the 4-hour time frame for EUR/USD
We have pure divergence showing on the MACD.
We have sellers weakening out on the histogram as well as the MA lines.
This current candle needs to close ideally above the neck zone but needs strong bullish volume to accompany it.
If we see that, then we can wait for a retracement back into the neck zone before opening up a long position.
I have used the trend-based fib extension tool to pre-determine my targets.
Target 1 – 1,055
Target 2 – 1, 06
Trade safe out there!
The Vortex Trader
I am looking at this potential Double bottom forming on the 4-hour time frame for EUR/USD
We have pure divergence showing on the MACD.
We have sellers weakening out on the histogram as well as the MA lines.
This current candle needs to close ideally above the neck zone but needs strong bullish volume to accompany it.
If we see that, then we can wait for a retracement back into the neck zone before opening up a long position.
I have used the trend-based fib extension tool to pre-determine my targets.
Target 1 – 1,055
Target 2 – 1, 06
Trade safe out there!
The Vortex Trader