Price broke through resistance and now came back down for the retest and is now rejecting this new support level. I went down to the lower the time frames and on the 12 hour chart I saw my favorite candlestick pattern form on support and that is the inverted hammer and being that it is bullish gives me more confidence that this pair is on it's way up. I did get into this pair later than I wanted but I am still going long and because I got in later than I wanted I am using a smaller lot size and also because the weekend is approaching and the spread for this pair does get high. Overall, I like the rejection off of the current level and there is bullish activity.
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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.