-Very decent long opportunity on the reversal on top of the ascending triangle.
-There is a confluence as the resistance of the triangle is in line with my supple zone.
-Another confluence is that the supply zone is in line with my 23.6 fib level which could indicate that price could potentially reversal from that zone.
-An extra confluence is the EMA as it is below price which indicates medium term bullish trend for this pair.
-I will wait until price reaches the significant level and look for strong bullish confirmation to enter the trade.
-There is a confluence as the resistance of the triangle is in line with my supple zone.
-Another confluence is that the supply zone is in line with my 23.6 fib level which could indicate that price could potentially reversal from that zone.
-An extra confluence is the EMA as it is below price which indicates medium term bullish trend for this pair.
-I will wait until price reaches the significant level and look for strong bullish confirmation to enter the trade.
Trade closed: target reached
This was an excellent trade with a risk to reward ratio of 1:5 and placed the trade on the 1 hour.Always keep a level head when price hits profit targets and don't get overconfident as it will lead to greed and effect your psychology.
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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.