Well, This is a countertrend trade, so be cautious.
1- uptrend
2- Chart pattern (bullflag)
3- Price is within downward channel that could translates to short opportunity, but in the long term the price will hit higher.
4- Also since its an uptrend so its also possible that the price will close above the blue line and continue higher from there, but since lately the price action is bearish so i would lean bearish until 7.12 EGP, then bullish from there.
5- I hope that the price wicks in the gray area above the blue trendline and from then go to the 1h tf, check if the price action turns bearish, and we can enter from there.
Check the news, also the economical situation in Egypt has been good lately and expected to do better in the coming months, so short positions should be monitored.
DYOR
1- uptrend
2- Chart pattern (bullflag)
3- Price is within downward channel that could translates to short opportunity, but in the long term the price will hit higher.
4- Also since its an uptrend so its also possible that the price will close above the blue line and continue higher from there, but since lately the price action is bearish so i would lean bearish until 7.12 EGP, then bullish from there.
5- I hope that the price wicks in the gray area above the blue trendline and from then go to the 1h tf, check if the price action turns bearish, and we can enter from there.
Check the news, also the economical situation in Egypt has been good lately and expected to do better in the coming months, so short positions should be monitored.
DYOR
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.