Inverse "Cup and Handle", good opportunity to ride trend
Actualizado
Price is forming a inverse "cup and handle" pattern. This is a good opportunity to ride the down trend if you miss it. Currently price is making a correction (which is the handle), and I will wait for bullish candles to appear before I place a short entry, preferably if price can break the POC at 0.6999. A good place to TP will be at around 0.6893.
Comentarios
Similar to AUD/NZD, but in this case price is still bullish and will wait for a few more candles to play out.Comentarios
Price seems to be ranging from 0.703 and 0.696 in the daily TF. Do not aggressively short for now. Expect the next few days candles to range. If short, can look to TP at 0.696 first or look to trail your SL.Comentarios
Price has reached the POC where it got resisted a second time. Price is now in the middle of trench and is not a perfect area to enter. I will see if price can go back to retest 0.704 level to short it down where I can put my SL above the trench.Comentarios
Price is retesting the 0.704 level again which as resisted well twice. If this level still cannot break through, I think the energy to go down should be higher.Comentarios
Missed the opportunity to enter when it was at 0.704. Too late to enter now. Prefer to enter if price is to return to 0.7014.
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