There's a strong resistance area as shown by the 3 touches of the resistance line. Our Volume At Price (VAP) gives us another view of this strong area. Here we are waiting for a break out of both the trend line and the support level. If we'll see that break out, a test of the support level would be the safest point to enter. Everything needs to be validated by Volume Price Analysis (VPA) to make sure we'll get a legit break out. Also, because of this strong area validated by VAP, we'll be very very confident on a break out validated by VPA. Be careful around 1.5370 because there's an ultra strong support level as you could see on a daily timeframe, therefore we can aspect a bounce.
Comment:
We did get the break out we wanted but looking at VPA we can see a few anomalies. Such as, high volume bars on the break out (which is fine), but high volume bars during the retest (we are supposed to see low volume bars). So this can be a fake out and then a trap by the insiders, therefore I won't take this trade now. I may change my mind if I'll see a shooting star with at least high volume in the next few candles on the hourly timeframe.
Trade closed: target reached:
We finally had our shooting star with high volume or above average and then the move we were looking for. Well done everyone who took this trade!! Now I would take the profit because I do aspect that bounce up.