🧠 Refined Trade Setup (Long)
Entry Price: ~0.6416
Stop-Loss: ~0.6350
Take-Profit Target: ~0.6943
Risk-Reward Ratio: Approximately 1:4 – high potential reward relative to risk.
🔍 Key Technical Details
Support Level: Clear and strong support at 0.6402, marked on chart.
Multiple tests of this level suggest possible bottoming or accumulation.
Trendline (Bearish): Still intact. A break above that downward-sloping red dotted line would be a bullish signal.
📈 Indicators
RSI (Middle Panel):
Currently around 39.7, still in the bearish-neutral zone.
Not oversold, but close – suggesting some room for upside if a reversal starts.
MACD (Bottom Panel):
Histogram turning lighter green = bullish momentum weakening, possibly stalling.
Signal lines (green/red) are close together, possibly coiling for a move.
⚠️ Market Context
The setup is counter-trend (going long in a downtrend), which means extra caution is required.
A bullish break of the descending trendline would add confirmation to the setup.
Current price action shows tight consolidation above support—often a precursor to a breakout or breakdown.
✅ Bullish Signs:
Multiple support touches without breakdown.
Decent reward if the trade plays out.
Potential for trendline breakout.
❌ Bearish Risks:
RSI and MACD not clearly bullish.
No current breakout confirmation.
Could be a bear flag instead of accumulation.
Entry Price: ~0.6416
Stop-Loss: ~0.6350
Take-Profit Target: ~0.6943
Risk-Reward Ratio: Approximately 1:4 – high potential reward relative to risk.
🔍 Key Technical Details
Support Level: Clear and strong support at 0.6402, marked on chart.
Multiple tests of this level suggest possible bottoming or accumulation.
Trendline (Bearish): Still intact. A break above that downward-sloping red dotted line would be a bullish signal.
📈 Indicators
RSI (Middle Panel):
Currently around 39.7, still in the bearish-neutral zone.
Not oversold, but close – suggesting some room for upside if a reversal starts.
MACD (Bottom Panel):
Histogram turning lighter green = bullish momentum weakening, possibly stalling.
Signal lines (green/red) are close together, possibly coiling for a move.
⚠️ Market Context
The setup is counter-trend (going long in a downtrend), which means extra caution is required.
A bullish break of the descending trendline would add confirmation to the setup.
Current price action shows tight consolidation above support—often a precursor to a breakout or breakdown.
✅ Bullish Signs:
Multiple support touches without breakdown.
Decent reward if the trade plays out.
Potential for trendline breakout.
❌ Bearish Risks:
RSI and MACD not clearly bullish.
No current breakout confirmation.
Could be a bear flag instead of accumulation.
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.