Update from previous idea:
we have seen a bullish reversal!
I am now looking for a new long position, a few things here are pointing to this level, my yellow sloping line has now flipped as support and a test of this line would hold a very bullish structure for further upside.
also my 0.72 fib retrace is right on this level so I would love to see both of them being hit with no more downside. this trade is risky, it wouldn't surprise me to see a wick down to the 0.5 if you look at the amount of action price has seen at that level im sure it would be nice to see a bounce as support down there.
overall the structure is bullish now just looking to make a low and from there continue to the upside all the way to my target at the 1.272, overall it is too early to dictate a bias everything could change tomorrow but I am learning still so I'd rather take the trade and analyse how I was right/ wrong than not trade as there isn't any emotion attached at that point.
we have seen a bullish reversal!
I am now looking for a new long position, a few things here are pointing to this level, my yellow sloping line has now flipped as support and a test of this line would hold a very bullish structure for further upside.
also my 0.72 fib retrace is right on this level so I would love to see both of them being hit with no more downside. this trade is risky, it wouldn't surprise me to see a wick down to the 0.5 if you look at the amount of action price has seen at that level im sure it would be nice to see a bounce as support down there.
overall the structure is bullish now just looking to make a low and from there continue to the upside all the way to my target at the 1.272, overall it is too early to dictate a bias everything could change tomorrow but I am learning still so I'd rather take the trade and analyse how I was right/ wrong than not trade as there isn't any emotion attached at that point.
