$THE
showed a strong breakout on the 4H timeframe after a prolonged period of consolidation. The recent deviation from the local high indicates partial profit-taking, but the overall market structure remains bullish as long as key support levels continue to hold.
TRADE IDEA: LONG (LONG)
ENTRY: 0.0600 – 0.0625
TARGETS:
• 0.0720
• 0.0800
• 0.0880
STOP-LOSS: Below 0.0560
MY OPINION:
The impulse is still on the buyers’ side, but I wouldn’t chase the breakout. A pullback to the support zone may provide a better entry in terms of risk/reward. If buyers defend this zone, another move toward the recent high is likely.
showed a strong breakout on the 4H timeframe after a prolonged period of consolidation. The recent deviation from the local high indicates partial profit-taking, but the overall market structure remains bullish as long as key support levels continue to hold.
TRADE IDEA: LONG (LONG)
ENTRY: 0.0600 – 0.0625
TARGETS:
• 0.0720
• 0.0800
• 0.0880
STOP-LOSS: Below 0.0560
MY OPINION:
The impulse is still on the buyers’ side, but I wouldn’t chase the breakout. A pullback to the support zone may provide a better entry in terms of risk/reward. If buyers defend this zone, another move toward the recent high is likely.