After initially buying at 1448 I took profit 200 pips up now at the 38.2% fib resistance plus our price structure resistance.
I now see a Descending Triangle in play - go to babypips.com website to learn about it....
I have a sell order at the previous lows in anticipation for a double bottom ... if i see support again at 1446 i will buy again and await the breakout of the triangle
A breakout above would offer 400 pip movement to 1489 as part of the descending triangle playbook. If we can reach 1489 - 1500 may be on the horizon.
I now see a Descending Triangle in play - go to babypips.com website to learn about it....
I have a sell order at the previous lows in anticipation for a double bottom ... if i see support again at 1446 i will buy again and await the breakout of the triangle
A breakout above would offer 400 pip movement to 1489 as part of the descending triangle playbook. If we can reach 1489 - 1500 may be on the horizon.
Note
We also need to considered the following- Resistance fib + price action
- Stochastic downward moving
- CCI - Was overbought and crossed downward
- RSI - Heading to cross below 50
The mid term looks set for the pattern to play out for now.
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Related publications
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.