We see REEF consolidating for 3 days above our ascending support line, which is approximately 42 days old.
Last daily close is an inverted hammer. Will this signal a continuation to the upside?
Keep in mind that the more support is hammered (no pun intended), the weaker it becomes.
In order to interest me in a long trade, I would like to see some fairly bullish candle closes in the hourly timeframe, and a break above the 0.0057 level. that way I'll be able to catch the momentum going to the upside.
Safe Trading Friends <33
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I thought I should share a possible trade set-up idea that may occur due to the FOMC meeting.
If REEF does break the ascending support and starts closing with bullish reversal candles, we could deduce a SFP (Swing Failure Pattern) by the market makers.