Price is moving in the upwards channel for some time and medium-long time trend is upwards. However, I see risk rewarding opportunity to enter counter trend trade for intraday traders. Channel's middle lane appears to be matching with fib resistance level. Looking at hourly chart, move up is getting exhausted and might be ready for correction. I would be looking...
Keeping my eye on this possible inverted head and shoulders pattern. It looks like slowly moving towards the right shoulder completion. Once price will move to 0.9300-0.9320 I would start looking for signal to enter long.
Looking at the chart I can see possible bearish head and shoulders formation. Early to say, but it looks like current 4h candle might end with "evening star" which would confirm top of the right should at the place. I will take this trade aggressively and will enter now rather than waiting for neckline breakdown.
Parameters:
Entry: two lots at 0.9404
Profit...
Falling wedge appears to be formed on the chart. This pattern often leads to trend reversal.
To support my view, I see long term support levels on daily and weekly charts.
Also noted RSI divergence on 4h chart.
My expectations is to enter the trade once upper trend line of the wedge will be broken. I expect this to break out at 82.00-82.30 level, and take...
Couldn't post this trade earlier so for now it is only educational purpose only. It was great opportunity to enter the trade after break out from triangle and at retracement. Let see now if we are going to hit the targets.
Daily chart has met strong support level seen at previous times. High probability of holding this level again.
Last candle on 4h chart looks like bearish engulfing candle which represents possible price trend reversal. Also small divergence noted on same 4h chart.
Trade looks like very risk reward favorable.
Trade parameters:
Entry: long at 131.50
Stop: ...
