A double bottom forms when the price makes a low within a downtrend, and then pulls back to the upside. On the next decline the price stalls near the prior low, then rallies above the pullback high. It's called a double bottom because the price stalled in the same area twice, unable to drop below that support area. The pattern is complete, and traders may take long positions, when the price rallies back above the pullback high.
So our idea entry price is 4050. The last pullback was 550 usd difference. So our target price will be 4600
Considering the high resistance at 4400 area. I will set a TP 1 at 4400.
SL at 3850, a nice support level.
Good trade, if you like my anaylsis, don't forget to leave a like.
So our idea entry price is 4050. The last pullback was 550 usd difference. So our target price will be 4600
Considering the high resistance at 4400 area. I will set a TP 1 at 4400.
SL at 3850, a nice support level.
Good trade, if you like my anaylsis, don't forget to leave a like.
Trade closed manually:
Hourly DMI higher than 50, position closed in profit.
Trade active:
Replace orders at 4050