Dear Traders,
Many of us have been stopped by the strong uptrend of UJ.
This is a counter trend idea.
The Red area is Monthly Supply Zone since years ago. The fact that the prace is barely above in the 4H doesn't mean that it is now a demand zone.
It has to be tested multiple times in order to be categorised as support.
The pair needs breath to be corrected and the market cycles indicates overbought conditions with TDI giving us bearish divergence comparing to Price action. Maybe the big players are getting ready to close their profits.
So, I count on a nice pullback with 4 potential profit levels.
Good luck!
Many of us have been stopped by the strong uptrend of UJ.
This is a counter trend idea.
The Red area is Monthly Supply Zone since years ago. The fact that the prace is barely above in the 4H doesn't mean that it is now a demand zone.
It has to be tested multiple times in order to be categorised as support.
The pair needs breath to be corrected and the market cycles indicates overbought conditions with TDI giving us bearish divergence comparing to Price action. Maybe the big players are getting ready to close their profits.
So, I count on a nice pullback with 4 potential profit levels.
Good luck!
Comment:
The first TP level of 45 pips was hit