Hi, this pair recently had difficulty going lower in price and had breakout to the upside of the market.
Meaning? Expect a short term rally to the upside (For 4 Hour time frame at least) as market biases on higher time frame is still to the downside.
This setup specifically leverage on the broken resistance as support. Also, there is confluence on the RSI indicating oversold signal along with signs of candlestick pattern starting to resume its breakout.
Entry, stops & 1st take profit as shown above. 2nd TP to be decided upon price action but high likely to be 1.27 fib extension of the impulse move or at the very least the prior high before pullback.
Cheers! :)
Meaning? Expect a short term rally to the upside (For 4 Hour time frame at least) as market biases on higher time frame is still to the downside.
This setup specifically leverage on the broken resistance as support. Also, there is confluence on the RSI indicating oversold signal along with signs of candlestick pattern starting to resume its breakout.
Entry, stops & 1st take profit as shown above. 2nd TP to be decided upon price action but high likely to be 1.27 fib extension of the impulse move or at the very least the prior high before pullback.
Cheers! :)
Trade closed: stop reached:
Limit order triggered followed by a triple bottom. Sadly, trade did not pan out to the upside. Market really is chaotic & irrational and this is exactly why one should always pratice proper money risk management. Cheers