Having just recently broken out of a falling wedge pattern with the 4H 200SMA prompting a re-test of the breakout, this is affording traders an excellent opportunity to get long on the pullback. For those traders who prefer a less risky entry, placing a limit order above the last swing high @ 0.914 (coinciding with the 4H 200SMA) would give you a good entry for the new trend. Targets include the area between the Monthly R1 pivot @ 0.918 and the Weekly R2 pivot @ 0.923 with extended targets just above the Monthly R2 pivot @ 0.934. I would consider a close below the 4H 50SMA as invalidating the long idea. Effectively meaning my stop-loss would be in the area of 0.908
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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.