hey traders, I’ve spotted a morning star currently forming very well so far today.
What do you think?
Cheers,
AK
Greetings AK-
I think that you may get trapped here trying to buy just below 1.22.
The most optimal entry for a long on this pair would have been @ 1.21 - right now, IMO, you’d just be chasing this rally.
Candlestick patterns do offer signals which most of the time work out, but, they also offer immensely late entry, higher risk / lower reward setups.
Weekly chart:
-You mentioned yourself that price was @ lows that it hasn’t seen since Jan 2013. Why wouldn’t you be comfortable getting in at the level, with a tight stop just below 1.2075?
D1 chart:
1.22 is a sticky point, where there will most likely be some profit taking.
Where would you place your stop / limit for this trade? And where would you enter?
Thanks for taking the time to post this, looking forward to your response.
Do you still have this position open?