As you can see; Higher prices are being rejected at the key resistnace level 1.09752. buyers have tried to push and close above it on the ; But just couldn't succeed. Fridays daily candle finished extremely and theres a strong rejection of higher prices towards the ; There has been a huge engulfment from Thursday and Fridays Candle on the daily so I am expecting price to drop and fall down all the way down to Near Term Strong at (1.08631);
If price does fall down to this near term and respects it? Then we could then see another test of the resistance at 1.09752; And if buyers fail to break this confidently again then we may have a on our hands and expect a huge downward move to force through the near term support.
But for now, I am just going to try and join in on any downward continuation signals (on 1hr/4hr) towards the near term support and then see how price reacts to the support.
Im expecting a fairly next few days
Hoping for a 1:3 ratio. Lets see how it goes! looking promising so far
I placed my stop loss at the 50% retrace of the Mother Bar (1.0953)
1st TP at (1.0848)
2nd TP at (1.0813)
But I closed my position manually for a profit at 1.0881 (37 pips) because I located a nearby support region and didn't want to risk it!