EURUSD- Long Opportunity On The Reversal of Ascending Triangle!!
-Very decent long opportunity on the reversal on top of the ascending triangle.
-There is a confluence as the resistance of the triangle is in line with my supple zone.
-Another confluence is that the supply zone is in line with my 23.6 fib level which could indicate that price could potentially reversal from that zone.
-An extra confluence is the EMA as it is below price which indicates medium term bullish trend for this pair.
-I will wait until price reaches the significant level and look for strong bullish confirmation to enter the trade.
-There is a confluence as the resistance of the triangle is in line with my supple zone.
-Another confluence is that the supply zone is in line with my 23.6 fib level which could indicate that price could potentially reversal from that zone.
-An extra confluence is the EMA as it is below price which indicates medium term bullish trend for this pair.
-I will wait until price reaches the significant level and look for strong bullish confirmation to enter the trade.
Trade closed: target reached:
This was an excellent trade with a risk to reward ratio of 1:5 and placed the trade on the 1 hour.
Always keep a level head when price hits profit targets and don't get overconfident as it will lead to greed and effect your psychology.
Always keep a level head when price hits profit targets and don't get overconfident as it will lead to greed and effect your psychology.