Having a good bearish engulf, as well as the fact theres a reverse ascending triangle formation leading to a breakout, RR is 1:1 , not the best bbut having TP 2 by 137 zone. Awaiting some GBP news but due to their unstable economy, looking at negative numbers at 10:30am.
Watch where price takes us and either trade based off break of trend-line to the downside or if price breaks the current resistance seen in the white zone, we shall be going long.
Lets wait and see, remain fluid.
On the H1 chart, we are currently at a psychological zone of resistance, followed by a large bearish candle.
That's 2 confirmations so far, nice price action set-up, will enter on the market open with good RR, then if trend line is broken, that's no.3 confirmation and will pile on another trade.
Looking like a easy 3:1 trade if analysis is on our side.
Waiting for price now to hit 0.73725, once I get bearish confirmation, an entry shall be placed. Similar set-up on H1 but higher time-frame always gets preference.
If this plays out as predicted, will be bagging a nice and easy 100 pips.
This trade was taken last week, same concept and same set-up, 4H TF we in an uptrend, MA acting as nice support, great break-out from minor trend followed by a double bottom on H1.
Easy RR, banked over 110 pips on this last week!
Currently BTC is having a major retracement yet the bias for Bitcoin is still long, it bounced off the major trendline issuing a hammer and it was a good area of support for the pair, its in a minor trend currrently opposing the major, wait for a clear breakout for confirmation purposes.