The hammer candlestick rebounded off at the strong support of 0.95 which has been tested several times previously yet the price is closed below 20-day EMA.
Enter position if the price closes above the 1.035 with TP1 @1.08 and TP2@ 1.135. Support is 0.95 and next support is 0.895.
However, despite hammer is a bullish Japanese reversal candlestick, the STO indicator stills shows the weakness momentum to continue until it reaches oversold area. If the price breaches below than the support level, the next support will be 0.895 which coincides with 50-day EMA. If it is decided to stay aside from the above strategy, then make an entry at this stage in which monitor the bullish reversal candle couple with K% crosses D% and both cross above the oversold area.
Note: This trading idea is for educational purpose only and not to be construed as a buy call. The mantra of TAYOR and caveat emptor shall apply.
Enter position if the price closes above the 1.035 with TP1 @1.08 and TP2@ 1.135. Support is 0.95 and next support is 0.895.
However, despite hammer is a bullish Japanese reversal candlestick, the STO indicator stills shows the weakness momentum to continue until it reaches oversold area. If the price breaches below than the support level, the next support will be 0.895 which coincides with 50-day EMA. If it is decided to stay aside from the above strategy, then make an entry at this stage in which monitor the bullish reversal candle couple with K% crosses D% and both cross above the oversold area.
Note: This trading idea is for educational purpose only and not to be construed as a buy call. The mantra of TAYOR and caveat emptor shall apply.