I am expecting a some bullish pressure.
1. Price has found support and appears as if it's setting up for a chance to breakout out of the bullish flag.
2. Price respected the lower trendline of the flag pattern.
3. Price also retraced and found support at the 50.0 Fibonacci level.
The combination of the previous 3 statements eludes that there is a MAJOR support area at that location. It will take heavy bearish pressure to fall below this zone.
I already entered this trade, but to be safe one can set a buy stop above the channel to be safe.
This break out may take some time to form, so if you enter set a decent size SL, and relax.
If one take a look at the daily time frame, you will also see that price formed a double bottom.
Price met support and has begun a push to the upside.
1. Price has found support and appears as if it's setting up for a chance to breakout out of the bullish flag.
2. Price respected the lower trendline of the flag pattern.
3. Price also retraced and found support at the 50.0 Fibonacci level.
The combination of the previous 3 statements eludes that there is a MAJOR support area at that location. It will take heavy bearish pressure to fall below this zone.
I already entered this trade, but to be safe one can set a buy stop above the channel to be safe.
This break out may take some time to form, so if you enter set a decent size SL, and relax.
If one take a look at the daily time frame, you will also see that price formed a double bottom.
Price met support and has begun a push to the upside.