Here is a market that should be added to a watchlist. The price reached SMA200. It is the support line for the market. You could see how the price bounced from this line in the past and moved upward. The same upward movement we can expect this time as well. How can we trade? 1. The price reversal from SMA200 should be used for buying in the hourly and minutes charts. Stop orders we should place below the local swing lows and profit target at the daily downtrend line and SMA50. 2. The breakout above the downtrend line in the daily chart we can use for buying as well. Stop orders should be placed below SMA200. The main profit target will be at 1.82500 resistance. 3. The breakout below SMA200 will be good for shorting. For the exact entry points, we will have to use the hourly and minutes charts. Stop orders must be placed above the local swing high. The main profit target will be 1.72000 support. Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.