Already holding a long on this but for another entry opportunity you can long from this support providing it holds. EMA's are close to crossing, if price rebounds from this level and EMA's stay long then this should be a safe entry. MACD remains very bullish despite retrace. Setting a short term target of 1.40 then can wait for retrace and re-enter a long with a target of 1.43767
i see triple bottom being forming on the 1h but i am quite unsure of the direction. what do you think?
olly48
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@BlockaTrades, I dont pay much attention to timeframes below 4 hour, I think they can be quite misleading and do not give the full picture of the trend. Short term this could drop a bit more to gather some liquidity before rising. Long term this has go keep going higher though, without doubt.
BlockaTrades
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@olly48, i Think so too, Ive just started upping my TF between daily and hourly, Never thought about looking at 4h. Trend looks upward but how much of a retracement do you think we'd like to see before trend continues. I think it may consolidate around this zone for another day or two before next break because it seems to have reached a price where im considering a complete reversal to as far as around 1.35100. Im still kind of a beginner when it comes to the technical analysis. I appreciate your sharing of opinion
olly48
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@BlockaTrades, I think its possible it could retrace as far as 1.37500 to 1.37000, I would be surprised if it went that far though. I am just looking for it to retrace to the previous resistance at the moment around 1.38400. Like you say it may be a day or 2 before it rebounds from here. I would not worry about it going back to 1.35100, there has been quite a lot of support build up since it was last at that level and there is momentum behind this to keep rising. In its own right GBP has a lot of strength to it now and USD has a lot of long term weakness so I can only se this going up with occasional retraces to balance it.
BlockaTrades
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@olly48, Thanks bro and Good luck, I'll definitely be keeping my eyes on this!