This is a simple setup that often happens in forex that can be implemented on any time frame and actually a trade we entered earlier today, we thought of sharing its principles behind it.
We have been monitoring this pair and as you can see it has been been trading in a downward trend forming a falling wedge pattern. While waiting for an Entry we needed a confirmation. The first confirmation was the pair breaking the downward trend and closing above it, the second was EMA 21 crossing above EMA 100 upward and the third but not necessary a doji candle was formed indicating here a change of direction.
All these were good confluences to enter a long position targeting previous high. We took some profit out and secured the position at entry.
Start practicing! let us know if you like this type of analysis.
Love,
Lacasafxfamily
We have been monitoring this pair and as you can see it has been been trading in a downward trend forming a falling wedge pattern. While waiting for an Entry we needed a confirmation. The first confirmation was the pair breaking the downward trend and closing above it, the second was EMA 21 crossing above EMA 100 upward and the third but not necessary a doji candle was formed indicating here a change of direction.
All these were good confluences to enter a long position targeting previous high. We took some profit out and secured the position at entry.
Start practicing! let us know if you like this type of analysis.
Love,
Lacasafxfamily
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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.
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.