After a massive break out from the symmetrical triangle on the daily chart, the price has pullback to an important support/resistance zone around 2.4600, 50 EMA and 0.382 fibs retracement. Begin to see some bullish momentum comes in, with a double bottom and bullish engulfing candle on the daily chart.
Looking to execute this trade on the 1 hour chart, after a break and retest of support consist of 50 EMA, 0.382 fibs retracement, main pivot point for a 3:1 reward/risk ratio trade
My Analysis:
Daily: Break out of symmetrical triangle, now retested the horizontal support of 2.4600, 50 EMA, and .382 fibs retracement. 4 Hour: Formed double bottoms, break above the resistance trendline, now retest 20 EMA, MACD bullish. 1 Hour: Nice clear break out of the short term resistance trendline, retest to main pivot, 50 EMA, 0.382 fibs retracement for higher low.
Thank you for your support
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Here are the DAILY and 4 HR Charts:
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Nice! Price shoot up to the upside. Move my stop loss to break even @2.4918
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Price drop down hard in the New York Session, closed the trade with a break even.