Couple of things we see on this chart.
Global trend line ( orange )
Descending channel broken ( black )
Reversal pattern 1 failed ( inverted hammer). Reversal pattern 2 (bullish belt hold) and tweerzers bottom (on going). I confirmed this trade with the current bullish session.
Operation goes at it shows, we're waiting for the price to retrace a little bit for us to make an entrance.
Global trend line ( orange )
Descending channel broken ( black )
Reversal pattern 1 failed ( inverted hammer). Reversal pattern 2 (bullish belt hold) and tweerzers bottom (on going). I confirmed this trade with the current bullish session.
Operation goes at it shows, we're waiting for the price to retrace a little bit for us to make an entrance.
Trade active
Entry: 1.09291 (slightly above fibb's 0.618
Stop: 1.08310
TP: 1.12171
Note
In the graph above we can see the current trend retracement is approx at 0.5 fibb's level. We may expect even a further retrace depending on the bulls strength. Let's see what the market does next !
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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.