Price just had a good run-up but is now reaching a major resistance level.
Convergence from a daily major trendline that has been broken in the past and a horizontal level.
I want to see the price go past my order and then whip back down with good aggression.
Here is the daily major trendline :
Price has broken out of the consolidation to the upside, indicating that the institutions where accumulating buy positions and thus confirming the long bias from the big players (market makers that have a lot of liquidity).
We also have a clear low that was formed on the daily chart with a clear rejection :
Waiting for price...
Here is the Strategy of strong AGRESSIVE initiation and then entry on the pullback from that initiation. The rules for this strategy is that price must pull back at least 50% of the initial move. Entry must be in convergence with at least one more factor, like an RSI divergence, a retest of a major trendline or horizontal level, or break and retests (resistance...
The red line is the Point of Control of the Volume Profile, witch means where market participants have been the most active in the market (most volume). It is considered as strong support in an uptrend.
Here Price just rejected this key level with a strong engulfing candle, indicating that the price will be continuing upwards.
I am looking for a good entry to...
if it does, this will create a great opportunity for a long.
I am expecting this because it just bounced off of a very strong daily trendline, but I need more confluence before entering.
Australian pair has shown to respect trendlines very well, so here it is on the 4h :
this thing could also reverse at any time because of...