Opportunity to go long again
current support level : 0.76347
current resistance level : 0.77801
Harmonic Patterns : bullish Gartely Pattern
Trend analysis : Rising wedge, double bottom @ the support trend line
Fibonacci : 78.6% retracement of XA leg
SL @ 0.75934
TP @ 0.81770
Strengths:
- Strong confluence at this zone
Weakness:
- Rising wedges, in most cases, break out to the bottom
- Price is currently in a downward trending channel, clearly seen on the 4HR chart
- There might be an AB=CD pattern forming that could complete its 1.62% B C projection @ 0.75360
Comment: i love setups like this one where there're opportunities to make money in both instance of the outcome, i'm going long 1st because the market still looks bullish but i do have a planned in case there's a breakout.
current resistance level : 0.77801
Harmonic Patterns : bullish Gartely Pattern
Trend analysis : Rising wedge, double bottom @ the support trend line
Fibonacci : 78.6% retracement of XA leg
SL @ 0.75934
TP @ 0.81770
Strengths:
- Strong confluence at this zone
Weakness:
- Rising wedges, in most cases, break out to the bottom
- Price is currently in a downward trending channel, clearly seen on the 4HR chart
- There might be an AB=CD pattern forming that could complete its 1.62% B C projection @ 0.75360
Comment: i love setups like this one where there're opportunities to make money in both instance of the outcome, i'm going long 1st because the market still looks bullish but i do have a planned in case there's a breakout.
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