Looks like it's trading within a range - apart from those two dirty candles but it came back straight back in - and has failed to break above the orange bar for a while. On the 15m timeframe, it has come back to this level so should hopefully double top from here and head back down to the lower end of the range.
Not decided whether I'm taking it yet but I am...
EG still looking bullish to me. Broke through a TL and now hoping for a retest before another push up.
Entry also lines up with the 618 retrace, an up-trending TL on the 15m and a key level with multiple wick rejections on the 15m.
I'm trying to work on the lower TF now as I'm looking for intraday trades so it doesn't seem logical looking on the 4h and...
A few reasons for entering this one.
Tap of the black 1h TL
Fib lining up from recent upswing around 618/66 retracement
RSI neutral right now but in an uptrend
Should get a good bounce off the daily KL at 1.26324 but will then continue uptrend
TP1 is the 0.27 but could go as high as 1.28146 again.
News due to be released in the UK isn't the best, but should be...
This will probably turn out to be a very risky trade but EG is nearing resistance and has broken a steep trendline on the 1h. It failed to break above a level, so could create a double top, which lines up very nicely with a descending trendline on the 4h.
I'm trying to learn to not enter trades too late so I've gone for 2 smaller positions here. One is an early...
