Follow-Up post on my
$ONG Trading idea
status:[intact]
Original Chart + Price analysis
The market is indecisive. It's currently pending exactly in the middle of the pricing level. The structure of the pricing level around 0.63,36 is yet pretty clear. On the top side is the strong resistance level of 0.65,79 which needs to be overcome in order to reach back into a strong bullish trend for prices around and above 0.71,25. On the bottom side there is the Trendline and EMA H4 around the price of 0.61,75 as strong support. The chart also offers space for a side phase in which one can consider positions for swing trades within the upper and lower end of the level.
The indecisiveness of the market can be seen in the daily closing candle (D1) indicating an inverted hammer candle, yet not strongly. Same can be seen in the low Volumina, and RSI.
For people with more risk appetite : If retest of the Bottom Trendline ~0.61,75 (orange target window) consider it as a good entry level if there's confirmation candles in at least H1.
For more conservative approach. Wait till the resistance of 0.65,79 is broken with a confirmation candle in at least H1. Look for entry's in lower timeframes.
This is no financial advice DYOR
Let me know what you think.
I'll keep you updated
