Overall this chart was pretty neutral in 2016, only ranging between about 450 pips in all of last year. However, this triple bottom setup presents an interesting BUY opportunity for the short to intermediate term.
Not only does this triple bottom come at a level which price tested and completely rejected about 6 months ago, it is also setting up at the first real test of previous resistance after the "death drop" in January 2015.
I'm looking for a bullish break & retest of 60 min pennant formation, and price to consolidate in the TP1 zone. If TP1 zone is broken (trend line included), a re entry is in order to TP2 and beyond. (wishful thinking)
Entry - 1.07230 area
SL - 1.06700
TP - 1.08300
approx 2:1 risk/reward
Bullish divergence on the RSI gives us another clue that price may be going up, however, price has a lot more open space to the downside. So in the coming weeks/months, i will be looking to short off the break & retest of support.
Not only does this triple bottom come at a level which price tested and completely rejected about 6 months ago, it is also setting up at the first real test of previous resistance after the "death drop" in January 2015.
I'm looking for a bullish break & retest of 60 min pennant formation, and price to consolidate in the TP1 zone. If TP1 zone is broken (trend line included), a re entry is in order to TP2 and beyond. (wishful thinking)
Entry - 1.07230 area
SL - 1.06700
TP - 1.08300
approx 2:1 risk/reward
Bullish divergence on the RSI gives us another clue that price may be going up, however, price has a lot more open space to the downside. So in the coming weeks/months, i will be looking to short off the break & retest of support.