From my perspective, I see an inverted head and shoulder pattern on the chart.
The price is trending in an uptrend but close to the major trendline. It's always very suspicious if the price is trading around it for some time. That's why I need a valid confirmation to go long.
The price is forming the second shoulder, but it's still just my guessing. I only trade what is happening on the chart and not in my head. That's why I will WAIT.
Buy IF bullish candlestick closes above the major trendline and above 20EMA, which gives the candlestick nice support. For more confirmation, wait till the price finds support in the neckline area.
RSI passed the 50 mark, so it makes me aware that I can start looking at the long positions.
If the price traveled all the way to target 1, I would expect it to make a return move and complete the pattern after Target 2 is reached.
Monday's are pretty slow, so better to wait for tomorrow to make any move on this pair!
Happy trading!
The price is trending in an uptrend but close to the major trendline. It's always very suspicious if the price is trading around it for some time. That's why I need a valid confirmation to go long.
The price is forming the second shoulder, but it's still just my guessing. I only trade what is happening on the chart and not in my head. That's why I will WAIT.
Buy IF bullish candlestick closes above the major trendline and above 20EMA, which gives the candlestick nice support. For more confirmation, wait till the price finds support in the neckline area.
RSI passed the 50 mark, so it makes me aware that I can start looking at the long positions.
If the price traveled all the way to target 1, I would expect it to make a return move and complete the pattern after Target 2 is reached.
Monday's are pretty slow, so better to wait for tomorrow to make any move on this pair!
Happy trading!