Weekly chart – strongly bullish, broke above previous structure
Daily chart – strongly bullish, broke above previous structure
H4 chart – bullish, now pulling back towards previous resistance, now turned support.
The formation of a higher low on the daily adds to my confidence that we are headed higher. This is actually a breakout-retest setup. When/If price reaches this zone, I will be monitoring PA on H4 and H1 timeframes with a view to find evidence of a bullish continuation. We could easily have a much deeper retracement too. In the current uncertain world economic situation, it is vital to establish that control of the market has returned to the bulls, before taking a trade.
Stop may be larger than what I would like, but it will need to be below the nearest swing low. Target can be generous too – at 0.8613 or anywhere higher right up to 0.8750.
This is not a trade recommendation; it’s merely my own analysis. Trading carries a high level of risk, only trade with money you can afford to lose and carefully manage your capital and risk.
If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Daily chart – strongly bullish, broke above previous structure
H4 chart – bullish, now pulling back towards previous resistance, now turned support.
The formation of a higher low on the daily adds to my confidence that we are headed higher. This is actually a breakout-retest setup. When/If price reaches this zone, I will be monitoring PA on H4 and H1 timeframes with a view to find evidence of a bullish continuation. We could easily have a much deeper retracement too. In the current uncertain world economic situation, it is vital to establish that control of the market has returned to the bulls, before taking a trade.
Stop may be larger than what I would like, but it will need to be below the nearest swing low. Target can be generous too – at 0.8613 or anywhere higher right up to 0.8750.
This is not a trade recommendation; it’s merely my own analysis. Trading carries a high level of risk, only trade with money you can afford to lose and carefully manage your capital and risk.
If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
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.