Mid to long term trade idea. This pair is in a bullish flag. For the USD to cost only 284 is more than a bargain price to load up on dollars against the forint. Also confluence is the retracement to Fib 0.382 of the bull run that started in 2018. I think there is not a better setup to make some good money. Price however may hit 280 so I wouldn’t place stop loss at...
As you might know Hungary is at the 2nd place in Covid vaccination in Europe.
As we reached the magic 50% - rate of the vaccinated people in the population- the USDHUF broke and important level : 290 .
It looks now we printed an intermediate bottom - or at least a DCL - and now as the dollar is coming out of its DCL the USDHUF will rally again.
USDHUF just hit my alarm to Buy. There are many things at play here. It hit the purple zone and also in a 3 month consolidation zone from 2018. I am showing a 1 day chart just to show the rejection zone. the 1 and 4 hour look more playable.
We recently had a massive spike in selling pressure at the bottom of a falling wedge channel and a 0.786 support floor.
We managed to stay above support despite all of the selling which confirms this level as a support for this pair..
I suspect that the majority of the big sellers have already sold at these levels and that buying pressure may be able to pick up from here.
USDHUF has been rejected from a strong support. As this is an exotic pair, we can expect higher volatility so we we will have a larger stop loss.
We have a long opportunity untill the first supply zone.
ORDER TYPE: MARKET
TARGET: 300 📈
STOP LOSS: 296.53 ❌
Trade safe! Follow for more ideas!
the sucker is following a downtrend since the pandemic hit
it's realy building some manual type wyckof.
verry respective of divergence with rsi.
1.a risky trade could be entring now long, untill it meets the main trend.
2.another is waiting for the meeting with the main trend and go short.
3.this trade could be opened with 1 for a long short option if it breaks...
After not entering at the most aggressive area for our structure based trade, I waited all week for UH to set up with a more defined direction and seems to be we will be speculating for an exhaustion entry following our 3:1 ratio.
PA has gotten to a major level of structure where price has reversed multiple times with significant pushes to either side of the market, I'm willing to let price action set itself of for a Long opportunity for this upcoming week and next, possible 2 week hold if price decides to respect the swap lv. and Bulls enter this pair with the same kind of force.
Yesterday I wrote about the symmetrical triangle (blue lines) + As you can see, a nice hidden divergence (red lines) formed in the daily chart.
The situation is still very bullish. Around 309.5-310 there is a good buy opportunity.