USDHUF starts a countertrend after target reached
Hi Everyone!✋🏽
USDHUF trend is long. If you take a look at the daily (it is the H4 chart), you can seen that it has reached the Daily FIBO 200 level with a sharp impulse wave. It's more likely that smart money realizes profits at this level, and on H4 there is a 1-2-3 move down beyond the last north breakout. These two factors tell me that a correction is under way.
Medium term target is very close and the market may turn in the direction of the trend any time, so I'd take no trade here, or realize on a north pullback.
When this countertrend (marked by the dotted trend line and the last south breakout of the corrective impulse) is broken, there comes the time to take it to the next target, but I'll keep you posted until then.
ANYWAY, a lot of Qs about the direction of the price. But it doesn't matter. WE JUST REACT!
Trade safe! ⚪️⚫️
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Thanks for reading my analysis!🤘🏽
Remember that trading is a risky business.
SIZE your TRADES according to your risk aversion!
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Please remember to support the idea with a BOOST or COMMENT
with your highly appreciated opinion!
USDHUF trend is long. If you take a look at the daily (it is the H4 chart), you can seen that it has reached the Daily FIBO 200 level with a sharp impulse wave. It's more likely that smart money realizes profits at this level, and on H4 there is a 1-2-3 move down beyond the last north breakout. These two factors tell me that a correction is under way.
Medium term target is very close and the market may turn in the direction of the trend any time, so I'd take no trade here, or realize on a north pullback.
When this countertrend (marked by the dotted trend line and the last south breakout of the corrective impulse) is broken, there comes the time to take it to the next target, but I'll keep you posted until then.
ANYWAY, a lot of Qs about the direction of the price. But it doesn't matter. WE JUST REACT!
Trade safe! ⚪️⚫️
----------------------------------------------------------------------------
Thanks for reading my analysis!🤘🏽
Remember that trading is a risky business.
SIZE your TRADES according to your risk aversion!
----------------------------------------------------------------------------
Please remember to support the idea with a BOOST or COMMENT
with your highly appreciated opinion!
Comment:
Correction has developed until the 38.2 fibo level, then price turned back into the direction of the trend, and in the trigger zone, there was a nice H1 countertrend after H4 closed in the trigger zone.
Comment:
Trade closed: target reached
