Hello friends well what we have here is a morning star
price pattern (If you need a candlestick
pattern cheat-sheet, you can find one on google
and print it out.... Its what I do). Also, price has reached the lower area of the price channel
it is slithering within. Hehe =D So I'm pretty comfortable saying I'm looking to enter long. I will paste a 1HR chart on this post to show the price point I'll be looking at for entry, roughly around the .618 / . 786 retracement
. With stops slightly below the lows at 1.5325 (marked by the grey line).
- If we reach target 1 stops will be moved to break even.
- Long Entry targets are outlined and marked on the chart.
- A daily close above the 9-Moving Average adds more confirmation / confidence towards the trade.
1HR Chart showing preferred long entry area around the .618 / .786 retracement:
- The 200-Moving Average has flat-lined confirming the price channel .
Cheers to you all, and to another week of trading! =)