On the XMRUSD has Rallied strongly for Nov to Mid Jan. Its then pulled back to its 200 (The Green Line) and bounces back to trend. It has made solid progress up again and has just broken through its 50 (The Red Line) and the 284.44 Horizontal level. It is now Retesting the 50EMA, and level from above. This is a great place to look to buy.
While trend and region is decided on the , our opportunity is setting up on the 4H chart. Price has recently broken the 200 (The Green Line) and has just retested from above. On the 4H Chart we have the bonus of a Buying bar forming we can use for entry. To confirm the entry the buying bar needs to close above the 284.44 level. This will ensure its decisive and we have no immediate in the way.
If so we will buy above the bar.
4H Entry 287.38
Stop Loss 274.62
Target 1 300.78, 339.65, 392.87 (The Red Lines)
If you are going to make dollars your decisions need to make sense. Make sure you wait for a bar that closes above 284.44 to set up your entry.
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This is why patience is the key if the chart doesn't show an entry level we don't enter until a opportunity arrives again for an entry.
If you are concerned the resistance may hold and push us back towards the support level then bank a little profit here.
If you feel it will break through then wait. If it breaks we should see some acceleration and target 1 very soon.
I am going to take the second option, but taking profits is a very personal thing and fully support those that want to bank now
The trade is looking good.
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