Support Zone: Price tested a key support level (gray area) twice, forming a classic Double Bottom pattern.
CHoCH (Change of Character): After the second bottom, price broke above the previous minor high, signaling a potential reversal from bearish to bullish.
Volume Confirmation: Increased buying volume at the second bottom supports bullish momentum.
Trade Plan:
Entry Point: Marked at 4,037.260 after confirmation of CHoCH and bullish candle close above neckline.
Target: Aiming for the Weak High area (prior resistance level).
Risk Management:
Stop Loss: Below the second bottom and support zone (approx. < 4,000 level).
Risk-Reward: Minimum 1:2 to weak high.
Bullish Bias Justification:
Double Bottom pattern indicates accumulation.
CHoCH confirms early trend reversal.
Break of Structure (BOS) aligns with bullish continuation.
Clear breakout from bearish trendline adds confluence.
CHoCH (Change of Character): After the second bottom, price broke above the previous minor high, signaling a potential reversal from bearish to bullish.
Volume Confirmation: Increased buying volume at the second bottom supports bullish momentum.
Trade Plan:
Entry Point: Marked at 4,037.260 after confirmation of CHoCH and bullish candle close above neckline.
Target: Aiming for the Weak High area (prior resistance level).
Risk Management:
Stop Loss: Below the second bottom and support zone (approx. < 4,000 level).
Risk-Reward: Minimum 1:2 to weak high.
Bullish Bias Justification:
Double Bottom pattern indicates accumulation.
CHoCH confirms early trend reversal.
Break of Structure (BOS) aligns with bullish continuation.
Clear breakout from bearish trendline adds confluence.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.