(I apologize: this was meant to be posted days ago but I accidentally made it a private post. But here it is. Entry has been changed from original post.)
I found this trade with opportunity with the help of sEthan62442 https://www.tradingview.com/u/sEthan62442/
Upon opening the chart, as always I first look through the 1D chart to collect whatever details I can about the trade and the setup I will be working with. The level that price has reached has been a valid Support and Resistance for both recent and distant trends. There is a very obvious level that price consistently responds to. You can see that here:
This level was not only a support. It was also a resistance which gives this level further significance.
12H -On the 12 H you can as strong bullish rejection candle. Large wick, and close as a bullish candle.
8H - On this 8H chart, the two main things that catch my eye are
A. I noticed a bearish engulfing candle. This is a bad sign to see for out long trend, however, there are more bullish events occurring than bearish.
B. The bearish engulfing candle pattern has bee followed up a bullish rejection. I specifically like this candle because of the healthy body of the candle. It shows price rejection and also shows that buyers were overpowered sellers by quite a bit.
6H - Perspective is key in the markets. I like to get an all around view of what I'm dealing with before I make a decision.. On the previous picture of the 8H chart, we see a bearish engulfing candle. Soon after, if you look from the 6H perspective you can see that a bullish engulfing pattern occurs after the previous bearish engulfing.
The positives outweigh the negatives. For this, I can feel confident about opening this trade. I see price moving past my TP in the more distant future. I'm sure we'll have plenty more opportunities to come with this pair.
I found this trade with opportunity with the help of sEthan62442 https://www.tradingview.com/u/sEthan62442/
Upon opening the chart, as always I first look through the 1D chart to collect whatever details I can about the trade and the setup I will be working with. The level that price has reached has been a valid Support and Resistance for both recent and distant trends. There is a very obvious level that price consistently responds to. You can see that here:
This level was not only a support. It was also a resistance which gives this level further significance.
12H -On the 12 H you can as strong bullish rejection candle. Large wick, and close as a bullish candle.
8H - On this 8H chart, the two main things that catch my eye are
A. I noticed a bearish engulfing candle. This is a bad sign to see for out long trend, however, there are more bullish events occurring than bearish.
B. The bearish engulfing candle pattern has bee followed up a bullish rejection. I specifically like this candle because of the healthy body of the candle. It shows price rejection and also shows that buyers were overpowered sellers by quite a bit.
6H - Perspective is key in the markets. I like to get an all around view of what I'm dealing with before I make a decision.. On the previous picture of the 8H chart, we see a bearish engulfing candle. Soon after, if you look from the 6H perspective you can see that a bullish engulfing pattern occurs after the previous bearish engulfing.
The positives outweigh the negatives. For this, I can feel confident about opening this trade. I see price moving past my TP in the more distant future. I'm sure we'll have plenty more opportunities to come with this pair.