On the daily chart below we can see that price has been trending up for quite a while and just recently, back in Januray 8th, price has put in new structure highs followed by a complex pullback that we are now seeing to form.
This uptrend is still being valid as long as we havent violated previous lows, so I am looking to get involved in long position. Dropping down to 4H chart we can see that price is currently heading down to test previous structure support and also forming a bullish Bat pattern that is comleting at the structure support, providing a nice little kill zone to get involved at. If I get involved in this then I would like to see RSI go oversold and/or diverging at the completion point of the pattern. As always ATR based stops go below patterns starting point (x), to make sure Im out of the trade in case Im wrong.
I remind you that this is just my vision about possible market movements. If you have your own, please share in comments. I will be glad to discuss with you. I will be very grateful for supporting my post by your LIKEs, if it's not so hard for you.
Plan your trade, Trade your plan and Good luck in the markets!!**PEACE **
This uptrend is still being valid as long as we havent violated previous lows, so I am looking to get involved in long position. Dropping down to 4H chart we can see that price is currently heading down to test previous structure support and also forming a bullish Bat pattern that is comleting at the structure support, providing a nice little kill zone to get involved at. If I get involved in this then I would like to see RSI go oversold and/or diverging at the completion point of the pattern. As always ATR based stops go below patterns starting point (x), to make sure Im out of the trade in case Im wrong.
I remind you that this is just my vision about possible market movements. If you have your own, please share in comments. I will be glad to discuss with you. I will be very grateful for supporting my post by your LIKEs, if it's not so hard for you.
Plan your trade, Trade your plan and Good luck in the markets!!**PEACE **