Continuing with my trade idea. We had the break of the 50MA on the daily. This is the action I needed to give me a bias. I feel there's clear bullish energy stacking up now. (Plus MA being a leg indicator helped me form this decision)
I feel the breakout from the consolidation is a clear trend confirmation for a bullish run. I'm targeting the prior level of support (double top @1.19886) I will like to see a test and pullback around this key level.
Entry target will be 1.19592 - 1.9518. This matches up to be the golden zone on my fib (.5 - .618)
Risking 1.5% - SL @ B/E when TP1 hits
TP1 / 0 / 30%
TP2 / -0.25 / 40%
TP3 / -0.618 / 30%
I feel the breakout from the consolidation is a clear trend confirmation for a bullish run. I'm targeting the prior level of support (double top @1.19886) I will like to see a test and pullback around this key level.
Entry target will be 1.19592 - 1.9518. This matches up to be the golden zone on my fib (.5 - .618)
Risking 1.5% - SL @ B/E when TP1 hits
TP1 / 0 / 30%
TP2 / -0.25 / 40%
TP3 / -0.618 / 30%
Comment:
We had the rejection off the key level of resistance (1.19886) however I was yet to take any long positions due to bearish confluences. We had a Gravestone doji aswell as bearish divergence on the 4hour. I will be waiting for price to pullback more before thinking about long positions.
