Hi guys, this time i want to share with you a simple structure trade, in order to let you understand how i analyze markets so that i can find the best opportunities. I utilized two charts in this case for you have to get the reasons behind this thought process. In the left hand side of your screen, there's the 4HR chart, and you can see price has created two consecutive new structure high, that is the definition of an uptrend. Now, in order to get on the trend we must wait for price to come at our comfortable zones (where we can exploit the market): in an uptrend there are two levels to be careful of, the first is the broken resistance that could become support, the second is the previous support. Right now price is sitting right in the previous support zone and it seems to be forming a double bottom (with RSI divergence) that could give us a nice trading opportunity. Also, notice that there's the 618 retracement and a psychological number lining up in this yellow box. Definitely keep an eye on that. I'll update you in case of entry.
If you have any question, or you want to share your viewpoint, feel free to comment below. Otherwise, see you in the next chart!
Beautiful trade setup, thank you for sharing your view. I have similar idea as well on this pair.
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