Monthly: Support/ Resistance level of 1.7900 + trendline rejection
Weekly: Deceleration and rejection of 1.7900 + trendline rejection, last week closed a nice strong bullish englufing
Daily: Lots of deceleration around 1.79, price always failed to closed bellow the level. Now price broke trendline and pullback to potentially reject it.
4hr : Price formed higher high and pulled back to .785 fib to create a higher low with many low test candles rejecting the fib. additionally we have intraday support being rejected 1.793
1hr: Entry after price broke out of triangle and was seeing bullish monmentum.
Negatives: Trading into the 1 hr ema and bellow the 4 hr ema.
Price could still come back to 1 hr 50 ema for a retest and continue moving up.
First Profit Target are recent highs around 1.8200
Second Profit Target daily fib level .382 fib (1.8500 level)
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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Weekly: Deceleration and rejection of 1.7900 + trendline rejection, last week closed a nice strong bullish englufing
Daily: Lots of deceleration around 1.79, price always failed to closed bellow the level. Now price broke trendline and pullback to potentially reject it.
4hr : Price formed higher high and pulled back to .785 fib to create a higher low with many low test candles rejecting the fib. additionally we have intraday support being rejected 1.793
1hr: Entry after price broke out of triangle and was seeing bullish monmentum.
Negatives: Trading into the 1 hr ema and bellow the 4 hr ema.
Price could still come back to 1 hr 50 ema for a retest and continue moving up.
First Profit Target are recent highs around 1.8200
Second Profit Target daily fib level .382 fib (1.8500 level)
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Comment:
Comment:
Trade ended up closing from break even. After the bullish move to the upside July 21-22, I moved stoploss to breakeven. Price then failed to continue moving up, and fell towards my SL.