Trading Journal Entry – [12 May 2025]
Trade Setup:
Currently watching a sell opportunity around the 0.89731 zone, with a strong buy level identified near 0.88170.
Rationale:
The 0.89731 level aligns with a notable resistance zone on the H4 and Daily charts, where price has previously encountered selling pressure. The recent bullish move appears to be testing this area again, and early signs of bullish exhaustion suggest a potential reversal. Price action near this zone has shown repeated rejection wicks and stalling momentum, which adds confluence for a short-term sell setup.
Meanwhile, the 0.88170 zone marks a major support level that has historically attracted strong buying interest. This level aligns with a prior accumulation area and could serve as a high-probability reversal point if price moves lower. The plan is to take profit from the short trade near this zone and look for a potential long setup, ideally supported by bullish confirmation on lower timeframes.
Trade Setup:
Currently watching a sell opportunity around the 0.89731 zone, with a strong buy level identified near 0.88170.
Rationale:
The 0.89731 level aligns with a notable resistance zone on the H4 and Daily charts, where price has previously encountered selling pressure. The recent bullish move appears to be testing this area again, and early signs of bullish exhaustion suggest a potential reversal. Price action near this zone has shown repeated rejection wicks and stalling momentum, which adds confluence for a short-term sell setup.
Meanwhile, the 0.88170 zone marks a major support level that has historically attracted strong buying interest. This level aligns with a prior accumulation area and could serve as a high-probability reversal point if price moves lower. The plan is to take profit from the short trade near this zone and look for a potential long setup, ideally supported by bullish confirmation on lower timeframes.
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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.