{4H, $EURSGD}
The general price movements is in an Descending-channel after price confirm the Support/Resistance-levels.
{Previous Price Action}
The price was moving consistently inside the mini-descending-channel with some fake-out around the support-level, the middle-line of the channel has been rejecting the price multi-times before so we should take this in consider when it comes to TP target.
{Current State}
Price start making LL/LH but still bouncing inside Rectangle around Resistance-level of the channel while still no confirmation of potential breakout yet.
{The Plan}
The deal now is to wait for breakout in order to trade following the general price movements & the TP should be around the Middle-line of the channel because it's key-level of previous price-action-support
{Alerts}
Set Alert at (1.51218) level to catch next SHORT movements after breakout & getting all Confirmations
{Valid Pattern}
Rectangle-pattern
{HQ Chart}
https://i.ibb.co/pZKBSvf/EURSGD.png
(Original post: https://stocktwits.com/itsFiras/message/179623905)
The general price movements is in an Descending-channel after price confirm the Support/Resistance-levels.
{Previous Price Action}
The price was moving consistently inside the mini-descending-channel with some fake-out around the support-level, the middle-line of the channel has been rejecting the price multi-times before so we should take this in consider when it comes to TP target.
{Current State}
Price start making LL/LH but still bouncing inside Rectangle around Resistance-level of the channel while still no confirmation of potential breakout yet.
{The Plan}
The deal now is to wait for breakout in order to trade following the general price movements & the TP should be around the Middle-line of the channel because it's key-level of previous price-action-support
{Alerts}
Set Alert at (1.51218) level to catch next SHORT movements after breakout & getting all Confirmations
{Valid Pattern}
Rectangle-pattern
{HQ Chart}
https://i.ibb.co/pZKBSvf/EURSGD.png
(Original post: https://stocktwits.com/itsFiras/message/179623905)