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With this trade i should have waited a bit longer to see what the market was doing as its at yearly high and could be showing signs of reversal due to resistance and exhaustion.
I took this trade because the market was making higher lows and i managed to get in on a bullish engulfing just after a pull back, the weekly and daily are bullish however the daily is ...
The market was bullish and i saw an engulfing entry candle on a pull back and entered.
Gained 50 pips. (Target gained)
This trade is being placed due to two strong trend lines, and a confluence from the fibonacci aswell where the price has come and tested the 61.8% twice.
Weekly and daily are making lower high lower highs.
Moving averages are on a downwards crossover.
Price has stayed under 1.32 resistance since yesterday 6am (19th june).
This was a clear level of support that has recently been broken and now we should look to move onto the 1.3000.
Trade was placed on my city index demo account.
I believe there is signs of reversal and I think there will be a pullback to the 61.8% retracement, this will create a new higher low and then should push on to profit within the next day or two.
I have drawn a trend line which I believe the pair will stick to and not break, If we break this line then it will be a huge sign that the market would carry to fall ...
I am going to be keeping an eye out for a pull back to the 61.8% fib retracement line which also lines up with one of our levels of support. This would create a higher low and then look to push on to create a higher high. It also looks likely on the daily timeframe for an M.A crossover, However this depends on how today finishes.
I will do Analysis tonight at ...
I am analysing a long opportunity on USDJPY. This market has been bullish recently in the daily and weekly charts.We can see by using the fib, that in the 4h chart there has been a pullback that has almost broken through the 78.6% but the candle could not close below it. This showed us a sign of rejection that indicates a pullback for the currency pair to then ...