This is a very simple setup.
1. We can see that the uptrend (trend line) has been broken.
2. The bearish candlesticks have long wicks showing seller exhaustion
3. Price will aim to retest the level it has broken
Therefore, we will enter in a buy signal to take advantage of the bullish movement, as the price aims to retest the level it has broken. We could enter in a sell signal once that has happened. But for the time being, we are buyers.
If you would like to enter this trade, consider the signal below:
Entry price: 114.600
Take profit: 114.100 (50)
Stop loss: 115.350 (75)
1. We can see that the uptrend (trend line) has been broken.
2. The bearish candlesticks have long wicks showing seller exhaustion
3. Price will aim to retest the level it has broken
Therefore, we will enter in a buy signal to take advantage of the bullish movement, as the price aims to retest the level it has broken. We could enter in a sell signal once that has happened. But for the time being, we are buyers.
If you would like to enter this trade, consider the signal below:
Entry price: 114.600
Take profit: 114.100 (50)
Stop loss: 115.350 (75)