Based on the 4 hour chart rend line support & resistance levels,
If I trace the line carefully (red) and with candle pivot and a good bull bar candle, I opened a BUY position at 1.1927 when the candle ended at 02AM EST.
The SL levels were set when the previous low was marked which was 1.18935.
But, the next candle that started was a bearish one. So, why do we expect trendlines as a strong indication of next moves?
Of course, if I make a little tweak, the 1.19274 level seems to be the resistance level from that trendline (purple)
The price is approaching the 200EMA. Is EURUSD going to make a bounce back a little from 1.1850 levels?
Any comments??
If I trace the line carefully (red) and with candle pivot and a good bull bar candle, I opened a BUY position at 1.1927 when the candle ended at 02AM EST.
The SL levels were set when the previous low was marked which was 1.18935.
But, the next candle that started was a bearish one. So, why do we expect trendlines as a strong indication of next moves?
Of course, if I make a little tweak, the 1.19274 level seems to be the resistance level from that trendline (purple)
The price is approaching the 200EMA. Is EURUSD going to make a bounce back a little from 1.1850 levels?
Any comments??