Price broke out over the weekend above the previous supply zone at ~0.32700 and gained over 50% at its peak in 24 hours. The last time price broke this zone, price rallied 1400% in 4 weeks.
Price has consolidated and created an ascending triangle pattern and I’m currently waiting for the triangle to break and a candle to close above 0.47400.
There is a minor resistance at ~0.53500 which will be TP1 and TP2 will be set just short of 0.60000. SL will be set just below the new support at ~0.46000.
If the triangle breaks to the downside, I expect a retest to around the 0.39150 area. I’ll be entering longs should we retest here, it could be creating an Elliott Wave pattern on a HTF.
Wait for price action to decide a direction.
Price has consolidated and created an ascending triangle pattern and I’m currently waiting for the triangle to break and a candle to close above 0.47400.
There is a minor resistance at ~0.53500 which will be TP1 and TP2 will be set just short of 0.60000. SL will be set just below the new support at ~0.46000.
If the triangle breaks to the downside, I expect a retest to around the 0.39150 area. I’ll be entering longs should we retest here, it could be creating an Elliott Wave pattern on a HTF.
Wait for price action to decide a direction.
Trade active:
Price has broken resistance, candle has closed outside of the area on the 1HR chart,
Trade closed: target reached:
TP1 hit.
Trade closed: target reached:
TP2 Hit 😎
25% Gain!
Expecting a pullback to ~0.53500 and then a continuation to complete impulse wave 5 to ~0.72500.
25% Gain!
Expecting a pullback to ~0.53500 and then a continuation to complete impulse wave 5 to ~0.72500.
