Hey guys,
i'm ready to go long in this market and here i'll explain you why. On the daily chart, we've recently broken a major resistance level and when price broke that level it wasn't immediately pushed back by sellers but calmly came down to that former resistance as if sellers weren't strong enough to turn that break into a false breakout. With these conditions, i want to look for trading opportunities on the lower timeframes, such as the 4H and 1H. Here you can see the hourly chart that provided me with an harmonic pattern completed right at the intraday support level that's the last before a nosedive. After the completion price immediately was bought and created an engulfing candle, both here and on the 4H, with a strong RSI divergence on top of that. All this clues add up and i'm ready to go long, with stops below the low and targets as shown on the chart!
If you have any question, feel free to ask.
If you have your stance to share, feel free as well.
See you in the next chart!
i'm ready to go long in this market and here i'll explain you why. On the daily chart, we've recently broken a major resistance level and when price broke that level it wasn't immediately pushed back by sellers but calmly came down to that former resistance as if sellers weren't strong enough to turn that break into a false breakout. With these conditions, i want to look for trading opportunities on the lower timeframes, such as the 4H and 1H. Here you can see the hourly chart that provided me with an harmonic pattern completed right at the intraday support level that's the last before a nosedive. After the completion price immediately was bought and created an engulfing candle, both here and on the 4H, with a strong RSI divergence on top of that. All this clues add up and i'm ready to go long, with stops below the low and targets as shown on the chart!
If you have any question, feel free to ask.
If you have your stance to share, feel free as well.
See you in the next chart!
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