Timeframe used: 15m
Reasons to Long:
- Price has retested the 1033 level twice (Fibo retracement 0.236 and former resistance level that took multiple days to break through)
- Maintaining the laddering up structure
- Staying above the median line of the orange channel after breaking through 1033, indicating relatively strong price momentum
- Price has retested the lower channel of the purple channel
Forecast:
- Bounce back to 1055 (Fibo retracement 0.382)
- Retracement towards the median line of the orange channel
- Rise to 1065 (the intersection point of the upper channel of the orange channel and the median line of the purple channel)
Action: Full Long
14/03/2023 - Long Dang
Reasons to Long:
- Price has retested the 1033 level twice (Fibo retracement 0.236 and former resistance level that took multiple days to break through)
- Maintaining the laddering up structure
- Staying above the median line of the orange channel after breaking through 1033, indicating relatively strong price momentum
- Price has retested the lower channel of the purple channel
Forecast:
- Bounce back to 1055 (Fibo retracement 0.382)
- Retracement towards the median line of the orange channel
- Rise to 1065 (the intersection point of the upper channel of the orange channel and the median line of the purple channel)
Action: Full Long
14/03/2023 - Long Dang
Trade closed: target reached:
Reached 1065 earlier than expected
-> Took profit
-> Took profit