Parallel upward trend will test? If yes, go long!

2022년 4월 7일

Bullish Indicators
Upward trend can be seen, higher highs and higher lows are forming
Morning Star was formed in recent high low
Resistance is at 162.115 on daily time frame, which is being tested in the parallel upward trend line, bullish continuation may sustain
Resistance is being tested on 50% in Fibonacci
XABCD (BAT) pattern was formed in previous months which indicated bullish reversal
7 out of 10 times pound was bullish in April against Yen since 2012 to 2022

Bearish Indicators
Hanging Man was formed in recent higher high
Support is at 159.7 on daily time frame

Wait for resistance to break then decide to go long or test parallel upward trend line in upcoming days
Plan A:
Buy at 161.483
SL: 161.122
TP1: 162.115 (at resistance level)
TP2: 162.171
Or
Plan B:
Buy at Resistance level 162.115
SL: 160.627
TP1: 162.145 (30 pips)
TP2: 162.175 (60 pips)