Nice confirmation today on the 4hr timeframe. It held the support area around 1.725, with a nice rejection candle, giving a wider bullish channel. Additionally, it completed a measured move at 1.803.
After today's move, we will be looking for a retracement, where support should be verified, and a long position can be taken. Targets ahead are 1.836, 1.854, and 1.880.
Breakdown of trendline yields targets 1.704, 1.681, and 1.647, where direction will be reevaluated.
Trade closed: target reached
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Comments
BoyPlunger91
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any update on this?
Jason7sc
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Multi-day measured move completed. Waiting for pullback to reload.
PangBlood
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Jason, do you see sunday and this morning's price action as normal price action?
Jason7sc
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All markets are getting hit today. Tightened stop loss to 1.755. Watching reaction at trendline and holding.
PangBlood
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thanks
Jason7sc
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no problem. measured move with this retracement is at 1.886
PangBlood
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Jason, do you see sunday and this morning's price action as normal price action?
PangBlood
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Do you think Friday's price action, was the retracement you were looking for?
Jason7sc
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The pullback only hit the .236 retracement during the European session; not as much as I would like to see. Using the 15min timeframe for the previous two days, we are currently between the .382-.618 retracement zone (multi-day). I'm looking for price action on sunday night and monday to fuel a multi-day measured move up to 1.912 (assuming a 50% retracement). Stop loss is situated at 1.725, where support was previously found. I've attached my updated chart.