the price got a rejection from the monthly resistance on 0.91$ after a bullish impulse.
After that, the price created a bullflag above the daily resistance on 0.70$ where the price retested the 0.618 Fibonacci level
On 4h Timeframe, the price is in the accumulation Phase below the monthly resistance on 0.77$
how to approach?
I'm monitoring the price, I'd like to see a clear breakout from the bullflag.
After the breakout I could see a rejection from the 0.78$, it's a monthly one.
If the price is going to have a breakout of it and satisfy my rules, I can Open a new long position with a very nice risk reward.
āāāā
Keep in mind.
š£ Purple structure -> Monthly structure.
š“ Red structure -> Weekly structure.
šµ Blue structure -> Daily structure.
š” Yellow structure -> 4h structure.
After that, the price created a bullflag above the daily resistance on 0.70$ where the price retested the 0.618 Fibonacci level
On 4h Timeframe, the price is in the accumulation Phase below the monthly resistance on 0.77$
how to approach?
I'm monitoring the price, I'd like to see a clear breakout from the bullflag.
After the breakout I could see a rejection from the 0.78$, it's a monthly one.
If the price is going to have a breakout of it and satisfy my rules, I can Open a new long position with a very nice risk reward.
āāāā
Keep in mind.
š£ Purple structure -> Monthly structure.
š“ Red structure -> Weekly structure.
šµ Blue structure -> Daily structure.
š” Yellow structure -> 4h structure.
Note
The price got a rejection exactly from the monthly resistance on 0.77$Wait for the breakout
Note
The price got a rejection exactly from our Monthly structure.We need to have a breakout from it to applying our rules for a new long position.
Note
The price is testing the monthly again! š
Note
After the breakout from the monthly resistance (due to the news), the price is testing the supply zone on 0.8$.The price could retest monthly for new liquidity and new bullish impulse
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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.