I am talking about the purple box, so we have the two blue lines that are the targets of the Ms above, we have the 0.5 to 0.618 fib ratio region, the 200MA with a strong support (1650) and the yellow trend line.
It is safe to say that we have a long setup there laddering the orders on the purple area and placing the stop loss below the 1590 support.
Indicators (SRSI,MACD,RSI): Everything below 6H is getting oversold.
Now the bigger picture if you unzoom you see with the lower low that we have now, a down trend has formed, that means we have to keep an eye on the yellow trend line because if it breaks then we will be heading most probably on the bottom of the channel.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)
It is safe to say that we have a long setup there laddering the orders on the purple area and placing the stop loss below the 1590 support.
Indicators (SRSI,MACD,RSI): Everything below 6H is getting oversold.
Now the bigger picture if you unzoom you see with the lower low that we have now, a down trend has formed, that means we have to keep an eye on the yellow trend line because if it breaks then we will be heading most probably on the bottom of the channel.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)
Trade closed: target reached