The uptrend in this pair has lasted several months but now it seems to be stalling. A consolidation / reversal is possible but I think 1 more leg to the upside is on the cards. When I check out the H4 chart, a buildup to breakout above 1.0925 seems to be in progress. But we need to see this buildup continue and if my idea is valid, we should see that the bulls are gaining more control of the market. The following could happen:
- the bullish candles become larger than the bearish ones.
- price becomes largely contained above the 20 EMA.
- price stays above the upward sloping trend line.
Entry can either be at the point of breakout or you could wait for a retest of the breakout level. Stop can be below the trendline or if possible, below 1.0780. Targets can be at 1.100 and then at 1.1150
Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
- the bullish candles become larger than the bearish ones.
- price becomes largely contained above the 20 EMA.
- price stays above the upward sloping trend line.
Entry can either be at the point of breakout or you could wait for a retest of the breakout level. Stop can be below the trendline or if possible, below 1.0780. Targets can be at 1.100 and then at 1.1150
Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade closed manually
Trade moved well at first but started reversing due to news. Closed with a small profit, still looking for another entry.Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.