Price has been in a steady decline for some time , ranging in a daily chart descending parallel channel and last week price formed a full OHLC candlestick indicating breakout and possible shift of momentum from bearish to bullish as also price is creating higher highs and higher lows. This sudden move to the upside was caused by monthly chart demand valley with proximal price @ 0.66041 . Price managed to retrace and retest the channel also reacting to liquidity pool ranging from @ 0.67093 to 0.66915.
I have an overall long bias with targets at yearly imbalance @ 0.70445 as identified on the MN chart.
I have not executed any orders yet as i would have preferred my entry price to be at the liquidity pool , I do have the forex pair on my watchlist , looking for an ideal entry price with at least a risk, reward of 1:2.
“Tension is who you think you should be. Relaxation is who you are.”
— Chinese Proverb
I have an overall long bias with targets at yearly imbalance @ 0.70445 as identified on the MN chart.
I have not executed any orders yet as i would have preferred my entry price to be at the liquidity pool , I do have the forex pair on my watchlist , looking for an ideal entry price with at least a risk, reward of 1:2.
“Tension is who you think you should be. Relaxation is who you are.”
— Chinese Proverb
Trade closed: target reached