Price reversal and breakout Long Idea USDDKK
Updated
Price has been in a long downtrend and finally hit a key weekly level. Price began to range and form a head and shoulders reversal pattern. Heat map indicates that we are looking for buys along with the recent strength of the USD. The Danish Krone is also pretty weak compared to the recently bullish dollar and is starting to sell off around its key level. The MACD is also showing strong momentum. Candlesticks indicate bullish price action along with 3 white soliders. Lastly, although I didn't bother to draw it, the previous rally retested at the 61.8% fib level. This is a crap TON of confluence! All of this points to a strong buy on this pair. We have to 2 entry options. We can buy on the breakout with a stop below the previous low or we can wait for a pullback to support after the breakout (my preference) if that occurs. Either way, it should be an explosive move. Good luck! Happy Trading.
Trade active
If you bought the breakout you're in profit now. We have a pullback coming up so if you missed the move you can potentially catch another entry on the reversal. Stay tuned!Trade active
Pullback traders, now is your chance. Price is stalling and rejecting along the top of the accumulation range and looks poised for a continuation move!
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