As you can see, chart may look a bit more 'messy' in terms of how we normally chart but this is to show you a bit more behind the trade.
We have a daily bullish and bearish trend here, the more recent daily bullish you can see broke out a little while ago whilst the bearish (down trend) is still currently respecting. However on recent meetings to the trendline which I have marked in yellow, we can see the price has pushed through indicating that this trend is becoming weaker.
As we are on the 4hr timeframe we can see the level of 0.60556 has shown some recent rejections. This along with the fact we believe the pair will break through this bearish trend means we can look to place a buy here with a nice 27 pip SL in case the market does shift that opposite way ( safety first kids ;) )
The blue area is where we can look to secure some pips as our TP1 area and then we will move our stop loss into some profit too making this a risk free trade.
Let me know your thoughts below
We have a daily bullish and bearish trend here, the more recent daily bullish you can see broke out a little while ago whilst the bearish (down trend) is still currently respecting. However on recent meetings to the trendline which I have marked in yellow, we can see the price has pushed through indicating that this trend is becoming weaker.
As we are on the 4hr timeframe we can see the level of 0.60556 has shown some recent rejections. This along with the fact we believe the pair will break through this bearish trend means we can look to place a buy here with a nice 27 pip SL in case the market does shift that opposite way ( safety first kids ;) )
The blue area is where we can look to secure some pips as our TP1 area and then we will move our stop loss into some profit too making this a risk free trade.
Let me know your thoughts below