- Price reacted to the 1.02 level, started going down, strong momentum.
- MA crossunder.
- Broke support area ~0.9975 - 1.00.
- Currently retesting area.
- Order placed.
- Price has broken both MAs, retested.
- MA crossunder has happened, stayed like that.
- Two long rejection wicks around 1.015 area.
- In the 4h chart, price has broken both MAs and the crossunder alert has
happened as well.
- Entered short, SL above slow MA and long rejection wick.
- Exit trade if price goes back above MAs.
Spotted a XABCD pattern that occurred and this indicates that the market will long.
Last move before the market closed, retracement showed 0.618 which indicates the pull back to go long and the profit target used shows a desired profit area of 2.618.
Small stop loss but should look like a potential market to follow as there are long opportunities to seize in the moment.
Here's why it may be a potentially good buying opportunity:
- a possibly exhausted extended decline,
- price is in the potential demand zone,
- likely support at the 100% size of the prior swing down (red line).
From what I see on the 4 hour chart, I can tell you that this is in fact a long term trade for the fact that it was on an uptrend before October 11th 2016 (first green arrow) and it has still continued to push up.
Furthermore I jotted down a little support line which was retested twice and XABCD + Triangle pattern confirms this uptrend.
Look out for this during...
Upper structure have just hit
Weekly corrective move occured
daily corrective pattern occured
hourly corrective pattern after impulse occured
15 minute harmonic pattern
Divergens applies on higher timeframes
Risk to reward is appealing for short
I personal dislike entering late but this is a pair to grab a quick buk from. so as you can see this is a clear bearish movement and is bound to move lower. The support line may create a reversal or breakout so be cautious. If a breakout occurs the 200 day moving average is the next target.
Importan Note:
1. Trendline is break and Daily trend continuation.
2. OBV trendline breaout with good direction.
3. Volume is overpower with energy.
Trade with care.
