I and the Alkaline team got involved in an early buy position on this pair which has been extremely rewarding. I will be looking for a second buy position into the significant structure marked if we manage to see rejections from the horizontal ray, let's see how price develops on Monday. Have a great trading week everyone!
COT Data - 50/50
Price is currently testing a long term downtrend resistance. The price action brokeout below the pullback trendline support and it's currently consolidating( ranging) in a rectangular pattern. A break below the range support could lead to further dip.
I believe this will take a big fall, price appears to be heading towards its previous high and is moving away from my key level
I am going to wait until price breaks this support zone and the trend line before selling
As we can see from the chart, price has broken through support and is now consolidating above another level of support
It did this previously and then dropped to the next support level
I expect the same thing to happen here, just waiting for confirmation before we take the sell
I anticipate price will reach its previous level of reistance before any major moves happen, we can go long on this for the time being but im going to wait until i see confirmation of a fall
I can see a pretty big fall coming $$$
As you can see this pair has reversed somewhat and currently trading below 50 EMA. We have seen a pullback with a bearish candle which suggest we might see another push down to make a double bottom at least if not more. I have therefore gone short on this and marked tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
NJ here. This pair has failed to break this resistance level for over two weeks now, with a correction over the past few days due to the corona virus manipulation it has come up too a level of interest. Upon a daily candle closure forming as a shooting star, doji or spinning top, I will be looking to take short trade from the purple box region. Taking partial...