E$ : did a very nice double bottom.... (I missed it), did a bullish neckline break, consolidated back at the neck line - then continued up further. All three major SR regions have been identified.. and Price moved a textbook path. I except consolidation now.. until FOMC minutes and then price to move up. Any movement up above the running 4H candle should be taken as a buy signal to about 1.2600 in near future.
Trade ist aktiv
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Trade is active when it moved above the slopping line. We can expect a retracement to the slopping line and then further up. Those who missed will have a fresh entry there. Good Luck ahead.
Kommentar
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There appears a rejection at higher levels. Any one in the trade should try to being SL to entry... or exit. It appears to have a correction and we get a better entry at lower levels.
Question, in consolidation, don't you kind of expect a sideways move? I see a sellout here, as if all the bulls are scared of FOMC
ForexTurtle
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@FXStruggle, Yes. If there is a consolidation phase .. it would be of few weeks since the we had a good steep rise. The crowd view is (1) consolidation (2) correction. But I guess market will move against the crowd. Also I you notice the monthly chart this price region did not have any major consolidation, its was covered swiftly. Lets see .. how things workout... less than an hour to go.
ForexTurtle
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@FXStruggle, and I have mentioned that buy signal for new trade is only when price goes above the previous 4H candle. I do have running bullish positions.