Hi Traders, Today we are looking at a possible double bottom forming on the 4-Hour Chart We have seen nothing but bearish price action for the past month on most FX pairs. The DXY has been going parabolic Is this a good time to buy? I only enter positions that match my setup, which could be a possible play. Yes, it is a counter-trend which is not always advisable. This is why I would only risk a very small position on this as I wouldn’t class this as an A grade Setup. We are sitting on daily support. I am waiting for the price to break and close above that yellow neck zone. If it does this I will be waiting for a possible retrace before potentially taking this pair long with a RR of 1/4 However, we need a strong bullish volume to accompany the break of the yellow zone.
Hope you all have a great week! See you on the next one,
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.