A chart is a chart is a chart...
Whether you look at the monthly chart or the 6-hour chart, the same sort of time and price relationships exist; as well as the Andrew's Pitchfork similarity.
Monthly: I found four time projections that all fall on last month or the current month, and price has reached a confluence of support levels - note too that price just touched the lower quartile line of the pitchfork.
6-hour: almost a duplicate of the monthly analysis.
Outlook: my opinion has been that the long-term downtrend would continue to at least parity, but the time and price confluence here on the monthly chart makes a compelling case for the bullish view; I think we'll see a very healthy rally that should make it to around 1.1050 before any noticeable correction. If price can break through that level, we could see 1.1250+ before price either resumes the major downtrend or simply corrects before any further move up. I want to avoid trading based on my long-term bearish-biased opinion here; the shorter-term charts and indicators say buy, so I must buy...
Long from 1.05885 - initial stop-loss @ 1.05667, moved to 1.05816 after confirmation of cycle low on 1-hour chart. T1 = 1.0637; if we get there, will sell 1/3. T2 = 1.09216 to sell another 1/3. T3 = 1.11427 to close last 1/3.
Addendum: stopped out on open on 4/13 because of aggressive stop-trailing. Re-established position @ 1.0589 with stop-loss @ 1.05667; targets remain as before.
Monthly: I found four time projections that all fall on last month or the current month, and price has reached a confluence of support levels - note too that price just touched the lower quartile line of the pitchfork.
6-hour: almost a duplicate of the monthly analysis.
Outlook: my opinion has been that the long-term downtrend would continue to at least parity, but the time and price confluence here on the monthly chart makes a compelling case for the bullish view; I think we'll see a very healthy rally that should make it to around 1.1050 before any noticeable correction. If price can break through that level, we could see 1.1250+ before price either resumes the major downtrend or simply corrects before any further move up. I want to avoid trading based on my long-term bearish-biased opinion here; the shorter-term charts and indicators say buy, so I must buy...
Long from 1.05885 - initial stop-loss @ 1.05667, moved to 1.05816 after confirmation of cycle low on 1-hour chart. T1 = 1.0637; if we get there, will sell 1/3. T2 = 1.09216 to sell another 1/3. T3 = 1.11427 to close last 1/3.
Addendum: stopped out on open on 4/13 because of aggressive stop-trailing. Re-established position @ 1.0589 with stop-loss @ 1.05667; targets remain as before.
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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.