20181206 13:35 Initial High Of the Day (iHOD) and initial Low Of the Day (iLOD) are seen in EURUSD M15 chart. The price has closed below the iLOD showing possible movement downward to the lower white line for Day's Open - ADR/2 or the lower green line for yesterday's low where the W-formation might occurred. The distance between iLOD and the lower white line is about 30 pips. Therefore at least 20 pips profit could be obtained from a short position.
Trade closed: target reached
The target of +20 pips below the iLOD of 1.13410 has been reached at 20181206 15:00 with a low of that bar of 1.13210.Note
The level 1.13210 had become the Low Of the Day (LOD). It had also become the first leg of the W-formation which was formed around the CC59 support line at 1.1329. After the completion of this W-formation, the price headed up toward the upper white or green lines to possibly make an M-formation.
Note
The levels of upper white and then upper green lines have been reached.
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To get access to ProfitBee59 stock graph ai for TradingView and my other invite-only scripts, please go to [ ProfitBee59.com ].
Please do not ask about access to use scripts in the script's comment section.
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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.