Hi friends, I hope y'all had a fantastic weekend ;)
Today, we have possible long-term bullish rally on this baby. I kind of doubt the trade but looking at how the correlating pairs that have GBP as a base currency behaved (by bearish dropping in the previous weeks) instilled faith in planning to take this trade with you guys. Before we do that, lets take a look at how the bulls and bears might behave in triggering and dis-confirming this trade.
Bulls: -If the price bullish breaks and retests the Weekly Neckline 2/ 4th Weekly Key Lvl and 200 m.a (that's visible on my MT4 chart), that will
trigger our trade signal that I call a Double Bottom A-E.2 signal, and the price will rally for the patterns L1, L2, L3 together for the short-
term m.a's trend that will probably end on the last take profit point.
Bears: -If the price bullish bounces off the Weekly Neckline 2/4th Weekly Key Lvl and 200 m.a with a bearish reversal candle pattern close,
before or after taking the trading, that will tell us that the price isn't ready to rally to the last take profit point, and instead it will signal
a drop to our stop loss key level.
That's it for today. I hope you found value in this. If you have a different perspective, feel free to share it in the comments section, I'd love to know your thoughts on this pair!
Stay Blessed,
Doji-2k1
Today, we have possible long-term bullish rally on this baby. I kind of doubt the trade but looking at how the correlating pairs that have GBP as a base currency behaved (by bearish dropping in the previous weeks) instilled faith in planning to take this trade with you guys. Before we do that, lets take a look at how the bulls and bears might behave in triggering and dis-confirming this trade.
Bulls: -If the price bullish breaks and retests the Weekly Neckline 2/ 4th Weekly Key Lvl and 200 m.a (that's visible on my MT4 chart), that will
trigger our trade signal that I call a Double Bottom A-E.2 signal, and the price will rally for the patterns L1, L2, L3 together for the short-
term m.a's trend that will probably end on the last take profit point.
Bears: -If the price bullish bounces off the Weekly Neckline 2/4th Weekly Key Lvl and 200 m.a with a bearish reversal candle pattern close,
before or after taking the trading, that will tell us that the price isn't ready to rally to the last take profit point, and instead it will signal
a drop to our stop loss key level.
That's it for today. I hope you found value in this. If you have a different perspective, feel free to share it in the comments section, I'd love to know your thoughts on this pair!
Stay Blessed,
Doji-2k1