with current trend
pinbar indicating sellers have entered market
targets have been mapped out .... 1:1 & 2:1 will be moving sl to breakeven plus a few at 1:1 and if price is able to reach 2:1 i will take half off and let the other half run
Price has finally broken out of this consolidation which it has been stuck in from january 30th onwards.. broke out with some strong momentum and looks to be coming back to retest a very strong level of support which is also in confluence with the yearly pivot R3 and 50% fib .. this may also create a lower high which is needed to then give price the chance to run...
so we have factors of confluence would be 50% fib from last swing high to swing low, weekly pivot and support turned resistance (once price has reached there) also its with the main trend .. ... would like to see some sort of p.a signal either on 4hr or daily to get in on this trade and also some may say this could be the B wave of the ABCD formation
Ger30 looks to be retracing back to 0.5 Fibonacci which is also in line with the bottom of the main TL and could provide us with another leg up which would be with the overall trend ... providing that it closes where the arrow is... also notice how is previous bars have rejected this level it is also looks to be resting on 50 EMA
double top on weekly the blue area are the top is where market has previous traded back in 2008 and 2009 and hasnt been able to close above it since .. drew a fib retracement from previous swing low to swing high .. zooming into the 4hour this pair has been trading lower highs back to trendline and looks to be forming a possible breakout retest and could drop to...
overall market is in a downtrend and if this bar closing in 25mins can close underneath that level of support which will be resistance it could provide a nice entry to the downside ... theres also a inside bar forming on 4hr which is a good indication of trend continuation for me but others may see this as a point in which market is in indecision which could...
if price is able to close below the red line then we could see trend continuation if not then i will be looking for a breakout to the upside retouch and then trade in the new established trend but daily is still very bearish so could still be trading in the trend
price has previously reacted to this level it also broke it and has come down to retouch and looks to be resuming its uptrend ... stochastics confirm this as it is extremely oversold... it has also reached its daily range of around 70pips so would be expecting a retracement now anyway