Hello Traders,
I have been watching this pair like a hawk only to see that we have has some interesting price action forming.
We have seen price fail to break our marked resistance level of 0.49896 having been tested twice already.
As price has tried testing for a third time we can see a lard body bearish rejection candle which I have circled, this is our signal that we can anticipate further weakness from this pair.
As always I have taken a 50% retracement of the signal candle as my entry, with stop loss above the candle wick high.
My take profit I have targeted at the last support swing level as I believe this pair does have potential to move into much lower prices.
If I see the momentum change in price, I may adjust this to 3x my risk but I will watch this pair and see what price action we have in the next few days and weeks.
Best of luck on charts !!!
I have been watching this pair like a hawk only to see that we have has some interesting price action forming.
We have seen price fail to break our marked resistance level of 0.49896 having been tested twice already.
As price has tried testing for a third time we can see a lard body bearish rejection candle which I have circled, this is our signal that we can anticipate further weakness from this pair.
As always I have taken a 50% retracement of the signal candle as my entry, with stop loss above the candle wick high.
My take profit I have targeted at the last support swing level as I believe this pair does have potential to move into much lower prices.
If I see the momentum change in price, I may adjust this to 3x my risk but I will watch this pair and see what price action we have in the next few days and weeks.
Best of luck on charts !!!
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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.