STOP LOSS: 1.02547
TAKE PROFIT: 0.96055
Risk-reward: 2x
Longer term trend: Sideways
Current trend: Bullish
General comments:
Price spent most of its time in between the 1.012 and 0.9605 since 2016. Last week's candle pierced through the resistance and closed within the range. The wick is 2.77x of the main body with none at the bottom of the bearish pin - this translates into an excellent bearish pin, with a recommended entry point of just below the pin.
What I like:
1) Excellent candlestick formation, a textbook example.
2) Price can move lower and retest the resistance on the daily chart, creating another opportunity to seize the potential bearish move.
What I dislike:
1) Since this idea is based on the weekly chart, the stop loss is relatively far. This means volume of trade, permissible within risk limits, is low.
Other things to note:
I expect the trade to take around 100-200 days to hit the price target of ~0.96055.
*Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
TAKE PROFIT: 0.96055
Risk-reward: 2x
Longer term trend: Sideways
Current trend: Bullish
General comments:
Price spent most of its time in between the 1.012 and 0.9605 since 2016. Last week's candle pierced through the resistance and closed within the range. The wick is 2.77x of the main body with none at the bottom of the bearish pin - this translates into an excellent bearish pin, with a recommended entry point of just below the pin.
What I like:
1) Excellent candlestick formation, a textbook example.
2) Price can move lower and retest the resistance on the daily chart, creating another opportunity to seize the potential bearish move.
What I dislike:
1) Since this idea is based on the weekly chart, the stop loss is relatively far. This means volume of trade, permissible within risk limits, is low.
Other things to note:
I expect the trade to take around 100-200 days to hit the price target of ~0.96055.
*Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
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