Double Bottom or Trend rejection on USDCHF
Updated
Bullish setup (Blue) - We have a potential DB forming, a break of the neckline will also break the T/L - giving clear indication that the momentum is shifting. Divergence is present.
The blue box that the price is currently sat in is a clear area of Liquidity slightly further back in this time frame. If it can break above & scoop back, the move up is probable.
Bearish setup (Red) - Price has made a 3rd bounce of this T/L, the bounce was also a clean and relevant Fib rejection. The blue box that the price is currently sat in is a clear area of Liquidity slightly further back in this time frame. If it can break below & then scoop back, the move down is probable.
Setups like this are not about ensuring I look right either way - this could range and neither setup is relevant. Setups like this show an unbiased approach to the markets and an opportunity regardless of which direction it breaks - My feeling is that we will see it break up, but we will need to watch for confirmation.#
Targets are Fib EXT
The blue box that the price is currently sat in is a clear area of Liquidity slightly further back in this time frame. If it can break above & scoop back, the move up is probable.
Bearish setup (Red) - Price has made a 3rd bounce of this T/L, the bounce was also a clean and relevant Fib rejection. The blue box that the price is currently sat in is a clear area of Liquidity slightly further back in this time frame. If it can break below & then scoop back, the move down is probable.
Setups like this are not about ensuring I look right either way - this could range and neither setup is relevant. Setups like this show an unbiased approach to the markets and an opportunity regardless of which direction it breaks - My feeling is that we will see it break up, but we will need to watch for confirmation.#
Targets are Fib EXT
Trade closed: target reached
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