Price was consolidating on the daily tf last week at the 768 daily fib zone. Last weeks final daily candle broke support and closed bullish engulfing which signifies bullish sentiment. Price stagnated and we had a bearish 4hr close on the 4hr tf during asian session monday morning. The next candle pushed down to create a bottom wick and closed bullish just as pre London volume was entering the market. Buys taken upon bullish candle closure to catch a continuation on bullish move with stop loss below previous 4hr candle. I was away from PC so posting this idea late. Il be looking to scale in once price breaks and retests the marked resistance at 1.26500.
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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.