On Friday I had this analysis plotted out, however I missed the entry. We have now had pullback to my original area of interest so will be looking to enter this if the markets respect.
Analysis:
- We saw a break of the descending trendline, with price creating new lower highs.
- Several rejections of the ascending trendline
- My entry area of interest lines up...
Another long term trade here, longs if we see rejection of the trend line as well as the 78.6 fib level to take this all the way up to past highs.
750 PIP GAIN 5/1 RR
Circled in purple you can see how price hit our support zone and then bounced, we can see price making a bullish run up to our TP1 zone ( 1st green box ) this is 100 pips away, so even though this is a little late entry there will still be some good pips to be caught. After TP1 is hit there is a possibility that price might also hit our TP2 ( 2nd green box )...
Key levels that price has been respecting over and over again, trendline has been respected and touched 3+ times so price could come down to retest this again, At the moment price is caught in between 2 key support and resistance levels so we will be waiting to see if price goes bullish or bearish.
Our overall outlook is bullish, so this could come after a retest...
It doesn't take a genius to work out and spot key levels on this pairing as historically price respects them, and once again we can see price respecting our support and resistance levels ( green lines ) on this chart.
More recently price has respected a lovely trend line ( TL, Blue line ) that has formed, price has bounced off this TL 5 times in the past 6 days...
1.72568 resistance and 1.71336 support we placed these levels on the 4h chart, As you can see we have the 1H, 1D and 1W charts also open with these same support and resistance levels and on each different timeframe you can see they are well respected.
1H gives us a strong buy signal with an engulfing ( latest candle covers the whole of the candle before it )...
Hey guys,
i think this chart is self-explaining: i've written down all the conditions that point in the same LONG direction and that's where i want to be. Very high-probability trade from my experience (but that doesn't mean you should underestimate the risk: alway be careful). Stops below the low and targets as shown above.
If you want to ask questions, feel...
