The bears were in control of the market pushing it down 2 levels to support and they failed to break through. We are now seeing them take profits at this zone. Now we might see consolidation with this pair until it breaks the trend line or we could see the bulls rally up and take control. It must reach resistance to continue this move down. I believe overall we are now in a downwards trend but price is oversold on the larger time frames. We are just waiting for the break of the maroon trend line.
Right now we saw it form a doji candle and a bullish engulfing but it is not yet past our support/resistance line. The Macd is also showing signs of a reversal and the stochastic. The 200 ema indicates a good zone for us to take profit.
We are looking for a bullish candle to enter after it is above the white dashed line, so patience is needed as this make take a few days or a few hours until we see the break of the maroon trend line.
Right now we saw it form a doji candle and a bullish engulfing but it is not yet past our support/resistance line. The Macd is also showing signs of a reversal and the stochastic. The 200 ema indicates a good zone for us to take profit.
We are looking for a bullish candle to enter after it is above the white dashed line, so patience is needed as this make take a few days or a few hours until we see the break of the maroon trend line.
Order cancelled:
This definitely did exactly what I was looking for except I missed this trade myself. We will just wait until the next opening.