Entry Point: Around 1.10456
Stop Loss: Around 1.10833
Take Profit (EA Target Point): Around 1.08942
Risk-Reward Ratio: Appears favorable (approximately 1:2)
🔍 Key Observations:
Resistance Zone (Supply Area):
Price hit a strong resistance (marked with a purple zone) and showed signs of rejection with wicks.
The resistance aligns with the entry zone, suggesting a potential reversal area.
Moving Averages:
EMA 30 (Red) ≈ 1.09966 and EMA 200 (Blue) ≈ 1.09607
Price is currently above both EMAs, which is typically bullish, but the setup anticipates a pullback or correction.
Bearish Engulfing Pattern:
A possible bearish engulfing candlestick appears near the entry zone, indicating seller strength.
Break of Minor Support (RESISTANCE POINT):
If price breaks below this level, it would likely confirm the short setup toward the target.
✅ Confirmation Needed:
A clean break and close below the support (resistance point) to confirm entry.
Momentum indicators (RSI, MACD) could provide additional confidence if available.
⚠️ Risk Notes:
Since the price is still above both EMAs, this trade counters the short-term trend, so proper stop management is key.
Watch for news events, especially since this pair reacts strongly to economic data (note the calendar icon at the bottom right).
Stop Loss: Around 1.10833
Take Profit (EA Target Point): Around 1.08942
Risk-Reward Ratio: Appears favorable (approximately 1:2)
🔍 Key Observations:
Resistance Zone (Supply Area):
Price hit a strong resistance (marked with a purple zone) and showed signs of rejection with wicks.
The resistance aligns with the entry zone, suggesting a potential reversal area.
Moving Averages:
EMA 30 (Red) ≈ 1.09966 and EMA 200 (Blue) ≈ 1.09607
Price is currently above both EMAs, which is typically bullish, but the setup anticipates a pullback or correction.
Bearish Engulfing Pattern:
A possible bearish engulfing candlestick appears near the entry zone, indicating seller strength.
Break of Minor Support (RESISTANCE POINT):
If price breaks below this level, it would likely confirm the short setup toward the target.
✅ Confirmation Needed:
A clean break and close below the support (resistance point) to confirm entry.
Momentum indicators (RSI, MACD) could provide additional confidence if available.
⚠️ Risk Notes:
Since the price is still above both EMAs, this trade counters the short-term trend, so proper stop management is key.
Watch for news events, especially since this pair reacts strongly to economic data (note the calendar icon at the bottom right).
Trade closed: target reached
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Join my telegram (COPY_TRADE)
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Join my refrel broker link
one.exnesstrack.org/a/l1t1rf3p6v
t.me/TOP1INVEESTADMEN
Join my refrel broker link
one.exnesstrack.org/a/l1t1rf3p6v
Related publications
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.