EURGBP H4 Broke inner trend line & bounced of Support level
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Introduction to my analysis:
1) Price Action is KING- I'm a sole believer in price action, you will see me incorporating price action theory into my analysis.
2) Simplicity is key - I love to keep my charts neat and tidy! The more indicators you have on your chart, the more complicated your chart is. Thus, affecting your bias of that market. Let me introduce you to my 3 great trading friends... THE 20, 50 & 100 MA!!!
3) The mind! - My analysis may not always be right, nobody is, it's just my opinion and point of view. There's no right or wrong in any market analysis, the only thing is belief. Believe in me and my analysis, let the result be the light to the dark cloud hovering your thoughts about trading.
4) Please feel free to comment and feedback to me about my analysis & on your views about the market. Through sharing, we grow together as a trader or even better as friends!
EURGBP
Good day, my friends!!!
Saw this great example of inner trend line breakout and I thought of sharing with my friends in here!
- Price broke the inner downtrend line as circled on the chart & retest again in the next 4 candlesticks.
- Price bounced off inner downtrend line and rallied higher.
- At the same time, price also bounced off the Support line @0.87372
- Subsequently formed higher highs and higher lows towards the next resistance @ 0.88043
- Price is hovering around the resistance area.
- Ready to go long once it closes above the resistance area @ 0.88271
- Get a quick profit at next resistance area @ 0.88843
- Stop loss at previous low!
Take note:
This should be a quick take and go profit! So be disciplined and do not be greedy to go on further as the daily time frame shows the otherwise.
Good trade ahead!!
Feel free to comment and feedback on my analysis so I can provide you all a better analysis as time goes by!
Regards,
Kayden
"Simplicity is the ultimate sophistication" - Leonardo da Vinci
1) Price Action is KING- I'm a sole believer in price action, you will see me incorporating price action theory into my analysis.
2) Simplicity is key - I love to keep my charts neat and tidy! The more indicators you have on your chart, the more complicated your chart is. Thus, affecting your bias of that market. Let me introduce you to my 3 great trading friends... THE 20, 50 & 100 MA!!!
3) The mind! - My analysis may not always be right, nobody is, it's just my opinion and point of view. There's no right or wrong in any market analysis, the only thing is belief. Believe in me and my analysis, let the result be the light to the dark cloud hovering your thoughts about trading.
4) Please feel free to comment and feedback to me about my analysis & on your views about the market. Through sharing, we grow together as a trader or even better as friends!
EURGBPGood day, my friends!!!
Saw this great example of inner trend line breakout and I thought of sharing with my friends in here!
- Price broke the inner downtrend line as circled on the chart & retest again in the next 4 candlesticks.
- Price bounced off inner downtrend line and rallied higher.
- At the same time, price also bounced off the Support line @0.87372
- Subsequently formed higher highs and higher lows towards the next resistance @ 0.88043
- Price is hovering around the resistance area.
- Ready to go long once it closes above the resistance area @ 0.88271
- Get a quick profit at next resistance area @ 0.88843
- Stop loss at previous low!
Take note:
This should be a quick take and go profit! So be disciplined and do not be greedy to go on further as the daily time frame shows the otherwise.
Good trade ahead!!
Feel free to comment and feedback on my analysis so I can provide you all a better analysis as time goes by!
Regards,
Kayden
"Simplicity is the ultimate sophistication" - Leonardo da Vinci
Note
Candlestick didn't close above the resistance area. Let's wait and wait for the price to go to our desired level before entering again!CHEERS!
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