Entry: 1830
SL: 1783.2
TP: 1971.8
4H Long:
The blue rising wedge has been created from alternating major highs and lows since June. Price is reacting again to the rising wedge support zone, along with a demand zone (yellow zone) created from its previous major and minor highs.
The white pitchfork estimates momentum from the previous two highs and low. Price is also reacting to the midline (possible) reversal point. Some deeper wicks may form in the demand zone. We will use the demand zone and midline of the major pitchfork to set our stop loss in a meaningful position. Our take profit comes before the previous high to increase the likelihood that the trade will close at a profit.
Feel free to share your thoughts and ideas. Let's see how this plays out.
SL: 1783.2
TP: 1971.8
4H Long:
The blue rising wedge has been created from alternating major highs and lows since June. Price is reacting again to the rising wedge support zone, along with a demand zone (yellow zone) created from its previous major and minor highs.
The white pitchfork estimates momentum from the previous two highs and low. Price is also reacting to the midline (possible) reversal point. Some deeper wicks may form in the demand zone. We will use the demand zone and midline of the major pitchfork to set our stop loss in a meaningful position. Our take profit comes before the previous high to increase the likelihood that the trade will close at a profit.
Feel free to share your thoughts and ideas. Let's see how this plays out.