Asia will be shaken to the core once again, but that's good news for China, first, for CCP it is an opportunity to step in and replace dollar with yuan, making countries in Asian region to submit to the Yuan power, de-dollarization of Asia. The first crisis was triggered by the handover of HongKong to China, this time it will be takeover of Taiwan by China....
Couple of weeks ago entered and was kicked out of my position.
Will enter twice this time total risk will equal to 3% of my position size.
First entry 34.5 and second entry 34.0, both stop loss will be placed 33.5.
Let me know what are your thoughts on this pair.
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Buy at 34.5 TP 36
Notice that the RSI OVS in TF DAY should be around eighty percent. Bounce, there will be some heavy drops, a small part, which the next bounce should be around 34.5.
With each counted as a loop, it should come down to 38.2 Fibonacci so the next bounce should be a bounce of 36.
As you can see on the 30 min chart for USDTHB there is a Reverse Cup and Handle forming. The price should go down to the support level where it was formed (supply zone) and then form the handle. Any news can move the currency in another direction though so this is just a personal analysis but it looks to be correct :)
The correction of the clear uptrend is valid at the moment on the daily chart (the one I use to define the trend). Nice hammers printed on the daily, and although market may still test the daily or the weekly S/R zones, there is a chance that it may turn and go in the direction of the trend.
For it to happen, there is an early entry zone, but...