Weekly has now formed a bullish engulfing
pattern at 61.8 level as well as bouncing of
the Weekly Support level of 1.31200
and officially closing above the Weekly
Resistance level of 1.32600
I am now expecting an upwards trend continuation
to the Monthly Resistance level of 1.36500
Swing traders that use the daily and 4 Hour time frames
Here we see two options;
1) a Long opportunity using the Ascending Triangle Pattern.
Here we will wait for an upward break back into the support line.
We then anticipate a rally up towards .72800 and prepare our entry and exit strategy.
2) a Short opportunity using the Double Top strategy.
Price retests resistance line twice but is rejected back to...
Got into this earlier in the week. Note the large Bullish candle breaking and closing above the significant resistance, and then a smaller Bullish engulfing rejecting the other side of this level as support. Reward, as always, is 2 to 1.