Since reaching 1.400, price did a strong retracement. It is possible that price has now reached the end of the retracement leg, ready to rejoin the longer term uptrend.
D1 chart no.1
Apologies for the messy chart with a cluster of lines. However all these 52weeks level when placed together conveyed a story.
1- 1.400 was the top due to the cluster of 52 weeks level.
2- Price currently finds a support zone, also due to the cluster of 52weeks level + fib 50% retracement.
In particular 2014 High, provides more eivdence that price is ready to bounce from there.
D1 chart no.2
Zooming in, a double bottom seems to have formed, suggesting that this 52 weeks level has been tested twice.
With macd divergence, there is added steel to suggest that price has bottomed out.
Looking at the ed channel, price has also already broken out, with friday’s hammer showing strong respect from 2014 high.
It is thus compelling to believe that this chart is bottoming out. Going into h1, a bullflag of sorts can be seen and entry can be immediate when market opens next week.
I do acknowledge that trading with a small 1234 bullflag is akin to “demanding” that price has to break out of the 3 weeks range. This is an action that may require a larger stop loss in order to prove the setup correct.
However the price action towards the 52weeks level is compelling.
This is the type of good trades that i want to repeat again and again. TP was done at the identified pivot points.