If the dollar continue to strengthen then im placing my self in a good spot for a countertend trade.
Trigger: Bullish Engulfing pattern
Sellers loss momentum at this point as shown by the small red bodies candle.
TP: previous support, I will expect the pair will test that support line.
Long after a spring recovery price action confirming support. I used small lot size because of the nature of the trend. a barely 1:1 ratio risk reward.
No follow through to the down side after a large range down bar break the support and close well of the low, the next day failed to warrant sellers and close higher. the price action is formed near like harami bullish pattern. This price action setup formed near the support up trend line, it may not touch the exact line of support, a wash of the 3 consecutive up...
The down move shortened and support line is fading slowly. But I think it is not a short position to make, I want to see sellers force the down move first before initiating a full size short sell. I am currently a buy but using small size trade. I will add to the position if the price breaks the consolidation area and stay above there. targe 1 is gap down, target...
Buy on confluence area, previous resistance as support and short term up trend line as support, price candle prints engulfing pattern with average range. target is the 51.60
spx attempt to recover created a lower swing high, encounter selling at price 2355. it also creates a high wave candle pattern and close lower below the previous low of the candle. My plan is to look for efficient entry using the 1 hour chart, if there is a bearish candlestick signal testing the previous support on the hourly chart.
