Down trend since 11/27. Bullish convergence on RSI & Stoch. Double bottom, suggest trend change (see D chart below). Price above 1.1813-1.187 would strongly support end of 11/27 down trend.
I'm long @ 1.17760 with a 1/2 position size due to lower conviction level of this trade. Price has struggled building enough momentum to break through a relatively week resistance zone. Support zones maybe retested. If so, I may increase position size due to favorable R/R. I may also look for opportunities to increase add to position if there is more supporting evidence of a trend change.
1D
Support and resistance zones all over, make picture less clear. Double bottom formed. For the short term, long or neutral seems to prudent trade at this moment. Price action at each S/R zone can alter trading bias. Since S/R zones are frequent, price only needs a little movement to require bias re-evaluated.
Big Picture:
1M
Broke out of one long-term trading range to possibly enter in a new one. Last bar bullish.
1W
Same as 1M, but more detailed. Price went to a weak support, which at this time has held. Remains to be seen if it will be retested. Last completed bar bearish.
I'm long @ 1.17760 with a 1/2 position size due to lower conviction level of this trade. Price has struggled building enough momentum to break through a relatively week resistance zone. Support zones maybe retested. If so, I may increase position size due to favorable R/R. I may also look for opportunities to increase add to position if there is more supporting evidence of a trend change.
1D
Support and resistance zones all over, make picture less clear. Double bottom formed. For the short term, long or neutral seems to prudent trade at this moment. Price action at each S/R zone can alter trading bias. Since S/R zones are frequent, price only needs a little movement to require bias re-evaluated.
Big Picture:
1M
Broke out of one long-term trading range to possibly enter in a new one. Last bar bullish.
1W
Same as 1M, but more detailed. Price went to a weak support, which at this time has held. Remains to be seen if it will be retested. Last completed bar bearish.
Trade closed: target reached
Took profits at 1.18776
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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.