🔸TRADE IDEA EXPLANATION:
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🔸Price broke the Ascending Trendline but could not stay below. Instead, it did a bullish move and broke the Resistance Zone.
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🔸Now, as we can observe, it is making a throwback to the broken Resistance Zone (Now Support Zone). We consider that this pair has bullish potential towards the Resistance Zone.
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🔸There is a bullish corrective structure (triangle pattern), where we are waiting for a breakout to take long positions. Inside of the triangle, we can count an ABC move, and as we know, the symmetrical triangles are formed by ABCDE structures. Due to that, we are waiting for a completion of the pattern.
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🔸 Our entry price is above the breakout of the B leg, and our take profit is at the Resistance Zone. The stop loss is placed below the structure, and, the break even level, is at the yellow line.
🔸4H CHART ANALYSIS:
.
.
🔸Price broke the Ascending Trendline but could not stay below. Instead, it did a bullish move and broke the Resistance Zone.
.
🔸Now, as we can observe, it is making a throwback to the broken Resistance Zone (Now Support Zone). We consider that this pair has bullish potential towards the Resistance Zone.
.
🔸There is a bullish corrective structure (triangle pattern), where we are waiting for a breakout to take long positions. Inside of the triangle, we can count an ABC move, and as we know, the symmetrical triangles are formed by ABCDE structures. Due to that, we are waiting for a completion of the pattern.
.
🔸 Our entry price is above the breakout of the B leg, and our take profit is at the Resistance Zone. The stop loss is placed below the structure, and, the break even level, is at the yellow line.
🔸4H CHART ANALYSIS: