CANDLE MASTER Update!
chart presents a bullish trade setup based on price action and support/resistance levels. Here's a breakdown of the analysis idea:
Key Observations:
1. Support Zone (Highlighted in Yellow at the Bottom):
The green arrows show repeated price bounces from this support level, indicating strong demand.
The latest candle suggests a rejection of lower prices, hinting at a potential upward move.
2. Resistance Zone (Upper Yellow Band):
This zone previously acted as support and now functions as resistance.
A break above this zone could signal bullish continuation.
3. Target Point:
A projected move (shown with a blue vertical line) aligns with a prior impulse wave.
Target is around the 1.1600 level, reflecting a ~2% upside move from the current price.
4. Trend Context:
Price was previously in an uptrend (rising wedge pattern), followed by consolidation.
The 50 EMA (red line) is above the 200 EMA (blue line), indicating medium-term bullish sentiment.
5. Trade Idea:
Entry: Near the current support level (around 1.1286).
Target: 1.1600.
Stop-loss: Below the support zone (approx. 1.1150), where the 200 EMA also lies.
This setup anticipates a breakout to the upside, driven by support holding firm and past bullish momentum.
chart presents a bullish trade setup based on price action and support/resistance levels. Here's a breakdown of the analysis idea:
Key Observations:
1. Support Zone (Highlighted in Yellow at the Bottom):
The green arrows show repeated price bounces from this support level, indicating strong demand.
The latest candle suggests a rejection of lower prices, hinting at a potential upward move.
2. Resistance Zone (Upper Yellow Band):
This zone previously acted as support and now functions as resistance.
A break above this zone could signal bullish continuation.
3. Target Point:
A projected move (shown with a blue vertical line) aligns with a prior impulse wave.
Target is around the 1.1600 level, reflecting a ~2% upside move from the current price.
4. Trend Context:
Price was previously in an uptrend (rising wedge pattern), followed by consolidation.
The 50 EMA (red line) is above the 200 EMA (blue line), indicating medium-term bullish sentiment.
5. Trade Idea:
Entry: Near the current support level (around 1.1286).
Target: 1.1600.
Stop-loss: Below the support zone (approx. 1.1150), where the 200 EMA also lies.
This setup anticipates a breakout to the upside, driven by support holding firm and past bullish momentum.
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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.
﷽ᴡᴇʟᴄᴏᴍᴇ ᴛᴏ MY CANDLE MASTER CHANNEL Join my vip channel.
t.me/Fxhenry222
t.me/Brook0953
t.me/Fxhenry222
t.me/Brook0953
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.