(+99 , good trade) week22 USDSGD D1 finds support from 2014 high, ready for upside after retracement.

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.

week22 USDSGD D1 bullflag via 52weeks level with macd divergence 230515

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.

week22 USDSGD D1 hammer from support confluence 230515


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.

week22 USDSGD h1 1234 from boxed in 230515

updated 310515

This is the type of good trades that i want to repeat again and again. TP was done at the identified pivot points.

week23 USDSGD D1  line chart tp +99 310515


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s