Long
REEF'S DAILY CANDLE CLOSE. BULLISH?
We see REEF consolidating for 3 days above our ascending support line, which is approximately 42 days old.
Last daily close is an inverted hammer.
Will this signal a continuation to the upside?
Keep in mind that the more support is hammered (no pun intended), the weaker it becomes.
In order to interest me in a long trade, I would like to see some fairly bullish candle closes in the hourly timeframe, and a break above the 0.0057 level. that way I'll be able to catch the momentum going to the upside.
Safe Trading Friends <33
Last daily close is an inverted hammer.
Will this signal a continuation to the upside?
Keep in mind that the more support is hammered (no pun intended), the weaker it becomes.
In order to interest me in a long trade, I would like to see some fairly bullish candle closes in the hourly timeframe, and a break above the 0.0057 level. that way I'll be able to catch the momentum going to the upside.
Safe Trading Friends <33
Note
I thought I should share a possible trade set-up idea that may occur due to the FOMC meeting.If REEF does break the ascending support and starts closing with bullish reversal candles, we could deduce a SFP (Swing Failure Pattern) by the market makers.
Please see the chart shown below:
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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.