#midterm trading idea
as you can see price recently test a very important static support area which has been tested 3 times before from above.
price took out liquidity from the lowest low of 3 bounces and failed to close below an arrow that we have on the chart. also if you check weekly timeframe you can see also price tested a 200 EMA as well and didn't close below EMA neither.
for taking this position:
1- we need a bullish engulfing candle which shows that bulls are back.
2- a bearish corrective to test supporting area
3- taking a position in direction of the primary trend which base on DOW theory is still intact and we still dealing with bullish market.
it is important also to have a look at DXY chart to make sure it holds above 104.620
trading idea is invalid if:
1- price close below 104.620 on DXY on Daily timeframe
2- price close below 1.3659 on USDSGD on Daily timeframe
as you can see price recently test a very important static support area which has been tested 3 times before from above.
price took out liquidity from the lowest low of 3 bounces and failed to close below an arrow that we have on the chart. also if you check weekly timeframe you can see also price tested a 200 EMA as well and didn't close below EMA neither.
for taking this position:
1- we need a bullish engulfing candle which shows that bulls are back.
2- a bearish corrective to test supporting area
3- taking a position in direction of the primary trend which base on DOW theory is still intact and we still dealing with bullish market.
it is important also to have a look at DXY chart to make sure it holds above 104.620
trading idea is invalid if:
1- price close below 104.620 on DXY on Daily timeframe
2- price close below 1.3659 on USDSGD on Daily timeframe