As we can observe on the , a super strong pattern has formed. 1# is a dragonfly , with a very long lower shadow. 2# is a strong candle, which confirms the strong dragonfly . This indicates, that a huge press from the buyers has emerged, in a short time.
This, combined witch the and on the longer time frames (weekly and monthly), makes it a strong long trade setup, according to my trading strategy.
Stoploss will be: 0.95520 (80 pips).
Target will be around the 61.80 % level and the resistance line, depends on the future movement of the price.
Stop loss: 0.94200
My TP is around the 0.98000 area, considering the price movement.
Check out how my trades goes, at https://www.myfxbook.com/members/Kevinbonnelykke/bonne-invest-aggressive/2238048
I went long after the hammer candlestick with the long lower shadow.
Sometimes, the bollinger middle band acts as a strong resistance/support line, so the negative with this trade was that the bullish confirmation candlestick on the daily chart, was too close to the bollinger middle band, which causes the risk to increase. However again because the setup was so strong, I ignored this. But anyways im long again, lets hope the best.