Looking at this daily chart, we clearly broke out the downtrend of the past month with the low on a pretty strong support line.
If we zoom in on the 1H, we can see two bull flags in a row and that gives me a strong confirmation that we indeed broke this downtrend.
I've waited to trade this to make sure we broke out, and we did.
We made the bullish reversal on Thursday and with the weekend behind us now, I will give the long trade a go.
The stop loss is placed just under the low and a target on the middle part of this downtrend.
Thank you for reading this first analysis and I appreciate the criticism.
If we zoom in on the 1H, we can see two bull flags in a row and that gives me a strong confirmation that we indeed broke this downtrend.
I've waited to trade this to make sure we broke out, and we did.
We made the bullish reversal on Thursday and with the weekend behind us now, I will give the long trade a go.
The stop loss is placed just under the low and a target on the middle part of this downtrend.
Thank you for reading this first analysis and I appreciate the criticism.