Using the Guppy Multiple moving average I've entered into long position on the EURUSD pair at h4 time frame. Kept the position open with a plan for trailing stop.
Price is facing difficulty in crossing the 1.12673 level and now price is retracing back. Lower time frame band of GMMA has condensed into the higher time frame MA group.
Price is creating higher highs and lower lows. Now it's on the way to creating another higher low. So until it breaks the previous low to create lower low followed by a lower high, I'll remain bullish in this pair. The yellow line remains a strong support for this pair and next the blue rectangle will be the area of probable reversal point.
If price tries to reach the lower part of the rectangle, my position will hit stop loss. But if price reverses back then I'll go long again.
No comments:
Post a Comment