Hello. How are you? We start the first trading day of the week. Important news was released last week, which created a range of movement between 1.06357 and 1.07807. When the ceiling was broken (the area I marked with D), a character change with the abbreviation CHoCH symbol was formed. Of course, if we used the trend line, it completely confirmed that the channel ceiling had been broken and now we should wait for a possible pullback and upward movement.
Now pay attention to the areas I marked with A, B, and C:
Area A is a kind of cash collection that we call SPP in our style. Since this SPP line has been broken with the shadow of the candle, we can risk the market going up.
Note that there are two other areas below Area A. Areas B and C are potential buy orders. They can be called potential demand areas.
The area that I marked with B has been optimized and marked in a 5-minute timeframe. If the market reaches this area, which is approximately 1.06755, I will look for confirmation to enter a buy trade in a lower timeframe. My stop loss is under the bearish candle level, which means 1.06602. Additionally, area C is identified as the 50% area of an order block in the origin.
Now pay attention to the areas I marked with A, B, and C:
Area A is a kind of cash collection that we call SPP in our style. Since this SPP line has been broken with the shadow of the candle, we can risk the market going up.
Note that there are two other areas below Area A. Areas B and C are potential buy orders. They can be called potential demand areas.
The area that I marked with B has been optimized and marked in a 5-minute timeframe. If the market reaches this area, which is approximately 1.06755, I will look for confirmation to enter a buy trade in a lower timeframe. My stop loss is under the bearish candle level, which means 1.06602. Additionally, area C is identified as the 50% area of an order block in the origin.
Trade closed: target reached:
Comment:
