TRADE DIRECTION: LONG
Price broke and closed above the Short-Term Trendline (red line). Before that, there were many candlesticks with long lower wicks (yellow eclipses) and bullish reversal candles (green arrows) formed around the lower line of the Parallel Channel (green dashed line), indicating buyers had started to accumulate long positions and sellers took profit off their short positions.
KEY LEVELS:
1. Short Term Trendline (red line)
2. Parallel Channel (green dashed line)
3. Daily Pivot (Traditional Type)
TRIGGER SIGNAL:
Bullish Pin Bar (yellow arrow) and prior bullish reversal candles.
Price broke and closed above the Short-Term Trendline (red line). Before that, there were many candlesticks with long lower wicks (yellow eclipses) and bullish reversal candles (green arrows) formed around the lower line of the Parallel Channel (green dashed line), indicating buyers had started to accumulate long positions and sellers took profit off their short positions.
KEY LEVELS:
1. Short Term Trendline (red line)
2. Parallel Channel (green dashed line)
3. Daily Pivot (Traditional Type)
TRIGGER SIGNAL:
Bullish Pin Bar (yellow arrow) and prior bullish reversal candles.
Price managed to break the medium-term trendline (dotted blue line) and bounced at the middle line of the parallel channel and Daily R5.