Taking a long position based on:
- bullish/reversal bar
- support at ~ 3040, a weekly level;
- 200 ema rejection
- Fibonacci cluser:
-- 0.382 Fibonacci level rejection and close above on weekly time frame
-- 50% retracement and close above (2nd swing low to recent high)
entry - above high of reversal bar
stop loss - below low of reversal bar
target -...
Although the retracement/pullback on this pair is quite shallow my reasons for taking a long position are:
- Bullish/reversal bar following 2 seller bars
- Support at 1.3100 with close above
- 8 ema rejection/support and close above
- 0.382 Fibonacci level rejection and close above
- Stochastic and RSI convergence
entry - above high of low test bar
stop loss -...
