This is a follow up to my last publication (see link below for reference purposes) as price action is confined within our reversal structure (Inverse H & S) and Range (Channel) with the tendency of a rally that might lead to the correction of the overall downtrend perspective.
Tendency: Uptrend (Bullish)
Structure: Reversal pattern | Breakout | Supply & Demand
Observation: i. Since price action is caught within a Supply & Demand channel (Fr0.88200/0.89200), price is back at the Demand zone.
ii. After the successful Breakout of Fr0.88400 at the beginning of the year, the price has been going through a corrective phase with visible rejection from the demand zone.
iii. In the coming week(s), I shall be looking forward to 61.8/78.6 retracements to join the rally.
iv. A significant Breakdown of Fr0.88200 in the coming week shall trigger a conscious approach as only an engulfing Bullish candle from this zone will be the signal to look out for.
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:5
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend (Bullish)
Structure: Reversal pattern | Breakout | Supply & Demand
Observation: i. Since price action is caught within a Supply & Demand channel (Fr0.88200/0.89200), price is back at the Demand zone.
ii. After the successful Breakout of Fr0.88400 at the beginning of the year, the price has been going through a corrective phase with visible rejection from the demand zone.
iii. In the coming week(s), I shall be looking forward to 61.8/78.6 retracements to join the rally.
iv. A significant Breakdown of Fr0.88200 in the coming week shall trigger a conscious approach as only an engulfing Bullish candle from this zone will be the signal to look out for.
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:5
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
