Before moving upward, price tried once four weeks back and failed. Then after crossing the 200 MA, then it retested the MA again on the 11th May 2017.
Since then it's in an uptrend. Price is now retracing price is at 50% fib level if we draw this considering the latest swing low as one point. If we use the lowest low of this full swing then the price has another two levels at around 1.2086 and 1.1892 where price may get support for continuing it's prevailing trend.
Waiting for the trade to come.
Price is now retracing back towards the 20 MA line and 38.2% fib level where both these parameter confluences.
With a sign of a resumption of the trend, I'll enter into this trade.
The price just crossed below the 20 MA and which is near 61.8% fib level if we draw the fib connecting the latest two swing high and low.
This nice confluence above the 200 MA on the background of an uptrend, the price is likely to turn around and resume its trend. I'm waiting to catch the move.
Happy Trading.
Update on 15th February 2018:
I've entered EURUSD and USDCHF pair. I'll put a full update on the closing of my trade. Till then, bye.
No comments:
Post a Comment