4H CHART EXPLANATION:
Main Items we Observe on the Chart:
-Price is inside an ascending channel
-Currently, the price is against a Major Support zone
and facing the lower trendline of the ascending channel
-We draw a descending trendline, we expect that to be broken before taking any long setup.
Based on this if price closes above 2.597 we expect a...
Market price retraced several times from down trend line and is now in correction movement structure which is confirmed with closing under trend line.
RSI is near trend line support, expect fast market price down movement if RSI line breaks this support.
Market closed under Bollinger band middle line which implements further down movement.
Currently setting higher highs and higher lows, for about 3 weeks not. Currently setting a high, so will buy it down to the daily 20 and place the stop below the previous low. I'll take some initial profits and keep moving the stop to the higher low until i get stopped on this.
Exchanges: Oanda / Forex