Target: 0.78085
Invalidation point: 0.78900
Reasons why:
* RSI Negative reversals on 4H chart, target 0.78085
* RSI moves between 20 and 60 (bull markets move between 40 and 80)
* Previous bottoms give resistance
* Price below the Moving Averages
* Daily, Weekly and Monthly Timeframes aligned
Overview of timeframes
M) Down: below MA's, testing RSI 60. But PR TA Hit,
so trend change maybe possible
W) Down: missed PR TA, but trend not confirmed yet
D) Down: move below NO and just broke down RSI40
4H) Down: NR TA: 0.78085
Invalidation point: 0.78900
Reasons why:
* RSI Negative reversals on 4H chart, target 0.78085
* RSI moves between 20 and 60 (bull markets move between 40 and 80)
* Previous bottoms give resistance
* Price below the Moving Averages
* Daily, Weekly and Monthly Timeframes aligned
Overview of timeframes
M) Down: below MA's, testing RSI 60. But PR TA Hit,
so trend change maybe possible
W) Down: missed PR TA, but trend not confirmed yet
D) Down: move below NO and just broke down RSI40
4H) Down: NR TA: 0.78085
Trade active
Target is hit:- No sign of a bottom on all higher timeframes or a trend reversal.
- Move current stop to break even
- Once it breaks down 0.77856, move SL a little bit above 0.78085 (previous target)
New target is to be defined
Trade closed: target reached
Target hit, profit locked. New analysis will follow
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.
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.