ANALYSIS: 4 HOUR TIME FRAME LONG
CHART PATTERNS: WE ARE SEEING A SERIES OF HIGHER HIGHS AND HIGHER LOWS FORMING WHAT SEEM TO BE A ASCENDING CHANNEL/FLAG.
PRICES CURRENTLY TESTING THE BOTTOM OF THE CHANNEL.
CANDLESTICK PATTERNS: WE ARE ALSO SEEING NUMEROUS PIN BARS (HAMMERS) WITH LONG WICKS RETESTING THE LOWS.
TREND DIRECTION: CURRENTLY ON THIS TIME FRAME WE CAN TRACE A BOTTOM TRENDLINE CONNECTING THE LOWS WHICH IS INDICATING MOMENTUM TO THE UPSIDE.
INDICATORS: NO INDICATORS WERE USE TO ANALYZE THIS CHART. PRICE IS YOUR BEST INDICATOR.
FIB TOOLS: MEASURING THE PREVIOUS MOVE TO THE UPSIDE WE ARE SEEING REJECTION AT THE 88.6% RETRACEMENT .
FUNDAMENTALS: N/A
TYPE OF TRADE: INTRADAY (NOT TO BE HOLD FOR A SWING)
EXECUTION: I ALREADY BOUGHT @1471.34 TARGETING THE PREVIOUS SWING HIGH. HOWEVER, IF THIS PLAY OUT I WILL BE TAKING PARTIALS AT AROUND 45-50 PIPS. IF YOU WISH TO TAKE THIS TRADE PLEASE MAKE SURE TO USE PROPER RISK MANAGEMENT. LETS GOO!!!