Hey guys,
i'm not taking this trade for correlation-reasons but for educational purpose i think it represents a nice opportunity of a structure trade. You can see price has now reached a key structure point on the daily chart, and while testing this zone it has created a double bottom with RSI divergence on lower timeframes (1h). Given the overall analysis it could be a good long, with stops below the lows and targets as shown. Pay attention it's a countetrend trade!
If you have questions/ideas, feel free to comment beneath.
Otherwise, see you in the next chart!
i'm not taking this trade for correlation-reasons but for educational purpose i think it represents a nice opportunity of a structure trade. You can see price has now reached a key structure point on the daily chart, and while testing this zone it has created a double bottom with RSI divergence on lower timeframes (1h). Given the overall analysis it could be a good long, with stops below the lows and targets as shown. Pay attention it's a countetrend trade!
If you have questions/ideas, feel free to comment beneath.
Otherwise, see you in the next chart!
Trade closed: target reached:
1st reached