Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal. Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen Iines. One of the previous minimums of Chikou Span line is expected to be a support level (0.8389). One of the previous maximums of Chikou Span line is expected to be a #resistance level (0.8550).
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (0.8488). One of the previous maximums of Chikou Span line is expected to be a #resistance level (0.8247). On the four-hour chart the instrument is still #rising . On the daily chart the #Bearish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.8550) line and #StopLoss at the level of Kijun-sen line (0.8389).
Scenario
Recommendation Entry point. BUY
Take Profit. 0.8428
Stop Loss. 0.8389
Key levels. 0.8247, 0.8389, 0.8488, 0.8550
Pls leave a comment on ur thoughts!
A tip would help too