Hi traders,
this setup is similar to the USDJPY's one. We are testing a resistance level (blue line) and we created a double bottom with rsi divergence and then we broke that to the upside, giving us reason to believe in a change of trend.
So we wait for a .618 retracement of the impulse leg that broke the double bottom and then we buy the market.
First target at the retest, with roughly a 1:1 RR, and second target for a bigger move to the upside.
If you have any comment, please do underneath.
Otherwise, see you in the next chart!
this setup is similar to the USDJPY's one. We are testing a resistance level (blue line) and we created a double bottom with rsi divergence and then we broke that to the upside, giving us reason to believe in a change of trend.
So we wait for a .618 retracement of the impulse leg that broke the double bottom and then we buy the market.
First target at the retest, with roughly a 1:1 RR, and second target for a bigger move to the upside.
If you have any comment, please do underneath.
Otherwise, see you in the next chart!
Trade active
Trade closed: target reached:
First target hit, moved stop to break even