Current Market Analysis:
The downtrend has lost momentum, leading to a consolidation phase.
A new Higher High (HH) has formed.
This suggests the possibility of a developing bullish structure.
Wave Analysis:
The focus is on identifying the end of Wave 2, which is currently in progress.
Entry Strategy:
Safest Approach:
Draw a trendline on Wave 2.
Wait for its Lower High (LH) to be exceeded before entering the trade.
Alternative Approach (for those unable to monitor the chart):
Set up a buy limit order.
Ensure the Stop Loss (SL) is placed appropriately, with a margin of 60 pips on, considering this is 60 pips of SL
Rgrds #Happypips
The downtrend has lost momentum, leading to a consolidation phase.
A new Higher High (HH) has formed.
This suggests the possibility of a developing bullish structure.
Wave Analysis:
The focus is on identifying the end of Wave 2, which is currently in progress.
Entry Strategy:
Safest Approach:
Draw a trendline on Wave 2.
Wait for its Lower High (LH) to be exceeded before entering the trade.
Alternative Approach (for those unable to monitor the chart):
Set up a buy limit order.
Ensure the Stop Loss (SL) is placed appropriately, with a margin of 60 pips on, considering this is 60 pips of SL
Rgrds #Happypips
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.
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.