After previously being stopped out at the previous lows, we revist this pair after seeing a nother test of a key level which this time has printed a rather attracting rejection bullish pinbar.
I have analysed the daily and weekly timeframe and seen that this pair has been very bearish with no sign of moving higher until now.
I have decided to take a retracement entry of that 1 hour pinbar rejection candle with mhy SL at the candlewick lows.
A profit targeting the recent highs is ideal but we will continue to monitor this trade during London and New Yorks sessions to see if it is worth riding out to the upside.
Best of Luck on the charts!!!
I have analysed the daily and weekly timeframe and seen that this pair has been very bearish with no sign of moving higher until now.
I have decided to take a retracement entry of that 1 hour pinbar rejection candle with mhy SL at the candlewick lows.
A profit targeting the recent highs is ideal but we will continue to monitor this trade during London and New Yorks sessions to see if it is worth riding out to the upside.
Best of Luck on the charts!!!
Trade closed: stop reached
This pair failed to keep support again and broke through the previous support. After seeing a heavily bearish move, I will be looking for a retest for this level to hold as resistance and look for some sell signals before thinking of a trade idea.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.