After an overextended run since mid-December lasting just over 2months, I am now looking at a potential pullback/new run for this pair. We now
have a monthly inverted hammer close at a key monthly level, as well as the weekly chart showing deceleration at a weekly level. The daily timeframe is producing macd divergence with multiple candle deceleration. My first take profit is the 20ema which I closed 2% on a cbo entry last week. Then coronavirus sent the pair on a fit and hit the lows again luckily I was not in this trade at that point. Due to the new trend not being confirmed we take profit as a (pullback trade to the 20ema). Once price breaks out past the 50ema I will be looking for a higher low to be printed. Then potential entries will produce to continue this analysis.
have a monthly inverted hammer close at a key monthly level, as well as the weekly chart showing deceleration at a weekly level. The daily timeframe is producing macd divergence with multiple candle deceleration. My first take profit is the 20ema which I closed 2% on a cbo entry last week. Then coronavirus sent the pair on a fit and hit the lows again luckily I was not in this trade at that point. Due to the new trend not being confirmed we take profit as a (pullback trade to the 20ema). Once price breaks out past the 50ema I will be looking for a higher low to be printed. Then potential entries will produce to continue this analysis.