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Take Profit: 25.80058
Stop Loss: 25.41718
Based on Weekly POI due to W formation. Retracement on the neckline of the W formation, entry on the 4H TF
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market is bottomed out from the last post it went up over 7k hit the necktie breaking it up and didnt make a significant lower low excellento its overbrought on all 3 major trends this market will do a strong bullish breakout this trade has the potential to be my next held
This is my bearish trend idea. However, wait for a fall back to a key level after trend continue to downtrend momentum, because overall structure breakout and continue to downtrend. You can see it high time frame momentum. Good luck
EURCZK is moving inside a descending channel.
The market after the last retracement tested the resistance structure and now is above a minor support.
If the price will break below, according to Plancton's strategy, we can set a nice short order.
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly...
On the daily timeframe we again have a nice W formation and we are expecting the completion at the neckline. On the lower timeframes market is showing rejection to resistance and a deceleration, if we get a break and close below support we will take the short on the retest.
Could be a good long opportunity here if we see a bounce from the current support area. The sentiment is still quite bearish so must be cautious when looking to enter a trade. This level previously acted as support in August and this aligns with previous resistance looking further back. We are also at 0.618 Fibonacci. Before entering a long we need to look for the...