I agree with you based on 1H and 4H. But based on 1D, we are in a downtrend and price will be going down. Let me know your thoughts?
JohnQuid
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@JigneshSoni, hey buddy. You are right on some points. But you have to reconsider that price is consolidating at support following bullish divergence. I will look for candlestick formations if i see any signs of reversal before entry. Also on the daily chart we did not print a low lower than the previous day. I always post trading idea's and i dont trade half of what i post. You may be right that we will eventually see 141 levels again, We'll see how this will play out. :)
jigneshsoni1
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@JohnQuid, Thanks for your quick reply!! What kind of candlestick formations will you be looking for? At what point will you enter the long trade?
JohnQuid
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@JigneshSoni, Basic price action with support resistance levels and a fibonacci confluence.. Also it is a falling wedge formation-price is getting squeezed and can break out. My entry will be on the break of the last high and my stop goes below the previous low, i have indicated those for you on the chart with the red horizontal lines. My take profit will be around 145.300.