Confluences: - Possible 3rd touch of bullish trendline - Area of resistance could offer support - Area of possible support falls around the 0.618 Fib level - Possible touch of the 50 EMA
I'm fairly confident that this trade will come off but it is worth noting that price was recently heavily over bought according to the RSI
I will be waiting for price to retrace to around the 0.618 Fib level and looking for some kind of confirmation before entering to go long
Been reading your analysis from this post and your one on for EUR/JPY. How new are you to trading and did you know this game is heavily manipulated and preys on retail traders like yourself? Your analysis is good but take much more time to study fundamentals than technical - sounding like every other retail trader will just get you caught out in the long run - J
Fusilier38
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@ProdigyTrading, I agree with trading like every other trader will get you caught out, banks don't use trend lines and count touches to move price, that is how retail traders are taught and get caught out again and again as it shows with 90% of ideas on here,
@Todd98 you're analysis is good as it is exactly how retail traders are taught, if you are new then you picked it up quickly fair play, but sorry with that being said over 90% of retail fail (google it i think its like 95%) I know as I used to trade with the same confluences as you when i blew my account, so don't do what I did and the other 90% + of traders that lost an account, the key is to learn how the top 5% trade, honestly its a game changer and an eye opener
Fundamentals to me is just another excuse for markets to be manipulated, be careful with fundamentals as information is controlled. So for me i check when there is news and be extra careful trading around it, i.e dont trade before the news and if you are in a trade lock in some profits and move stop loss to break even to keep yourself safe,
Remember the name of the game is to keep yourself in the game look after you're capital, treat it as a business not as a hobby, best of luck my friend
Correct bias however price had to come mitigate out of order block. Look where price came to before it reversed to the highs. Last down candle before impulsive move. You need to start looking into smart money concepts.