Hello dear traders and friends, let's take a look at this chart and explore the potential buying opportunity.
As observed in the chart, we have a clear bullish market structure. Therefore, as long as the price remains above our horizontal arrow, which marks the 1-hour timeframe low in the market, as well as the previous day's low, we are interested in taking long positions.
In addition to the market structure, other confluences include the price being above the 1-hour and 4-hour timeframe EMAs, and above the 4-hour timeframe bullish trendline. This recent bearish move could also be viewed as a pullback to the bullish trendline, as indicated in the chart.
With the market structure in our favor and supported by a cluster of bullish confluences, we have sufficient confidence to open a long position in this pair.
I'll place my stop-loss just below the arrow line because if the price is able to go lower than that, it would signify a break in the structure to the downside.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
As observed in the chart, we have a clear bullish market structure. Therefore, as long as the price remains above our horizontal arrow, which marks the 1-hour timeframe low in the market, as well as the previous day's low, we are interested in taking long positions.
In addition to the market structure, other confluences include the price being above the 1-hour and 4-hour timeframe EMAs, and above the 4-hour timeframe bullish trendline. This recent bearish move could also be viewed as a pullback to the bullish trendline, as indicated in the chart.
With the market structure in our favor and supported by a cluster of bullish confluences, we have sufficient confidence to open a long position in this pair.
I'll place my stop-loss just below the arrow line because if the price is able to go lower than that, it would signify a break in the structure to the downside.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
