-From the 4 Hour and 1 Hour chart show strong bullish momentum.
-Price has been trading in the ascending channel since 27th April.
-We should look for a long entry on the retracement of the liquidity zone
-According to the algorithm I use, price could shoot up to 0.59% and tomorrow with a 0.75% gain to the upside.
-This is a good indication to...
- Price consistently respecting dynamic support
- Clear rejection of 61.8 Fibonacci level
- Clear bullish market structure with higher highs and higher lows
- 1:4RR on this trade with 2% risk as always, let's see how price action develops
After breaking the ascending triangle we began to see bearish momentum but that soon slowed down and now it looks like the price has failed to continue the downside and we are in the process of a structural shift indicating a potential buying opportunity.
COT DATA - 55% Short
- Strong bullish candle on the daily, with a break
of the 50MA
- Break of descending trendline on the 4HR
- Looking for pullback to 0.382, ideally further down to the 0.618, lines up nicely with the MAs on the 1HR and 4HR