So on the daily chart you see that the price is close to a support zone (orange zone), where a lot of buyers are. This means that we can look for any opportunities on a smaller time frame.
On the 4 hour chart you can see that the double bottom is forming, so we can’t act on it yet. But what we can do is setting up a possible trading plan:
Long position (4-hour)
• Entry: A close above the white line
• Stop Loss: A close below the white line
• Target: See the purple lines
Of course the stop loss would not be optimal, if the prices is going up. I will keep the idea updated when I see an optimal stop loss
On the 4 hour chart you can see that the double bottom is forming, so we can’t act on it yet. But what we can do is setting up a possible trading plan:
Long position (4-hour)
• Entry: A close above the white line
• Stop Loss: A close below the white line
• Target: See the purple lines
Of course the stop loss would not be optimal, if the prices is going up. I will keep the idea updated when I see an optimal stop loss