HUFUSD trade ideas
Bullish Flag patternAfter the disastrous MNB announcement, the price got back quickly above the previous trend-line.
It seems that it was a false breakout-below, which turned the whole look into extremely bullish.
But need to wait for some consolidation, before the trend continuation.
A bullish flag pattern is taking shape, which is also bullish.
USD/HUFStill riding this trade down to the monthly 50 EMA but saw a potential pullback play for a quick gain. This trade could also easily go down to the 1hr lows.
- Double top means there is room to go
- Close under the 4hr EMA
- Horizontal resistance
- Bearish High Testing Candles
- Retest of the 1hr 50 EMA
- Retest of 1hr Pivot
USD/HUFBeen watching this setup for a while now waiting for the right opportunity. After weeks, it finally broke the trend line it has been on for a while. I saw a head and shoulders pattern forming on the weekly and knew it was coming to an end. Currently it is retesting the Weekly 50 EMA , The Weekly Trend Line , Head and Shoulders Retest, Rising Wedge on the Daily to Retest the Trend Line , 5 Wave Elliott Theory To Retest Trend Line , Retesting .382(Which Was My Entry) and My Target is Around the Monthly 50 EMA .
Descending triangle reversal USDHUFTREND CONFIRMATION: There the initial trend was bearish uptrend this is indicated by the 200 EMA and trendline. (YES)
PATTERN INDICATION: This reversal chart pattern emerges as the buying activity declines and the market fails to create new highs, shown by the downward slope with price creating a new LH. Given that support levels become weaker as it gets tested more (price contacts the level).(YES)
ENTRY POINT: Given that support levels become weaker as it gets tested more (price contacts the level). so we're looking for a breakout of this flat support level, though, the breakout candle ( the candle that breaks below the level) MUST close below the flat support line. (PENNDING)
*we shall confirm the breakout by using the Chaikin money flow indicator (CMF), which confirms the supply-demand imbalance. so far the CMF seems to be below the zero line longer during the descending triangle reversal, as the horizontal line aligned with the CMF has bee below the zero line before breaking structure, making a LH. (YES)