Taking a market entry long in anticipation of the turnaround coming in this area.
Using a slightly larger than normal stop by going below the daily level area, leaving plenty of room for price to float around.
Expecting the turnaround soon as a double bottom is well defined, and seems to have a bit of hold. Also looking over a larger time span, it looks as if the bottom of the trend is flattening out. This paired with the slow grind to get price into the current area signals a good buying interest.
Looking to target the 1.1 level, where price "fell" from to begin. A fairly high target, but trade may be cut in a few situations:
Target hit
Friday gets here
Price making choppy consolidation action in a tight area for an extended time period (discretionary cut)
Using a 41 pip stop 248 pip target. Trading the daily, entry with hourly, and let it ride or cut it at the end of the week (or stop out)
Stop will be moved up upon some type of confirmation of reversal, as there are several minor levels price could use to start the other way, and we're about midway between extremes, just leaving room and let it go, instead of stopping out multiple times to hit the right spot....
Using a slightly larger than normal stop by going below the daily level area, leaving plenty of room for price to float around.
Expecting the turnaround soon as a double bottom is well defined, and seems to have a bit of hold. Also looking over a larger time span, it looks as if the bottom of the trend is flattening out. This paired with the slow grind to get price into the current area signals a good buying interest.
Looking to target the 1.1 level, where price "fell" from to begin. A fairly high target, but trade may be cut in a few situations:
Target hit
Friday gets here
Price making choppy consolidation action in a tight area for an extended time period (discretionary cut)
Using a 41 pip stop 248 pip target. Trading the daily, entry with hourly, and let it ride or cut it at the end of the week (or stop out)
Stop will be moved up upon some type of confirmation of reversal, as there are several minor levels price could use to start the other way, and we're about midway between extremes, just leaving room and let it go, instead of stopping out multiple times to hit the right spot....
Trade active:
Market entry made at 1.0751, stop at 1.071 target at 1.1
Comment:
Trend line is only left from before to also show a mechanical divergence has occurred. This i forgot to mention but this gives additional indication a turn is near, and would have been the best entry point, but missed that one working earlier 🤷🏻♂️
Comment:
Entry is about what it would've been, so no difference in that point, but that particular setup of cross touch reaction is a high probability divergence (little more dependable than indicators) and even a failed direct reaction, but a ride along the line type action can still result in turning. Only when price just ignores the line does it not work. Still a small amount of possible failure, but it's a minimum amount with the current price action following the line.
Trade closed: stop reached:
Unfortunately set ups don't work every time 🤷🏻♂️ otherwise the market wouldn't work. Still thinking a reversal is coming but will have to wait for some clear proof it's happening
