Within 24 hours we see a Rising Wedge broken then drop, and falling wedge broken then up.
They have the same pattern. In another word they have same behaviour anti-pattern.
Tokyo Time dump down, and Tokyo time pump up.
2 Scenario might be developed after a range trade around 1200 to 1228:
Scenario 1. Drop sharply from current level: said maybe drop to 1070.
Scenario 2. Continue original bullish direction: said maybe challenge 1250. (30 days EMA)
Bias Scenario 2 is preferable.
They have the same pattern. In another word they have same behaviour anti-pattern.
Tokyo Time dump down, and Tokyo time pump up.
2 Scenario might be developed after a range trade around 1200 to 1228:
Scenario 1. Drop sharply from current level: said maybe drop to 1070.
Scenario 2. Continue original bullish direction: said maybe challenge 1250. (30 days EMA)
Bias Scenario 2 is preferable.
Note
As per Bias preferable Scenario 2. It Challenges 30 day EMA
50% profit taking. Rest of the other stop profit move to 1228.
Note
After review 12 hours trading pattern.
Looks like it has been satisfied and uptrend channel upper band (Yellow zone)
Trading close.
If ping bar pushdown back for testing, maybe 1170-1200 could provide uptrend channel range support.
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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.