Hello dear friends, traders and followers.
Today I will explain and discuss the buy opportunity that is being formed on the Cable. Switch to the H4 chart and as you can see, there is divergence that is being developed at the moment along with up trend line waiting for us a bit lower. We are following the range between 1.5290-1.5210 as a potential BUY ZONE. Once the price enters this zone we can switch to the H1 chart or even the M15 chart and find our entry there. Keep in mind we are in NFP week which might cause ugly moves, false breaks etc. So keep your risk low and trade carefully. Take trade setups that are clear and obvious. Here is the plan:
Technical Overview:
H4 – bullish divergence forming, up trend line, support zone
H1/M15 – Once the price enters the BUY ZONE we should start looking for buy triggers. That could be divergence with MACD confirmation along with bullish candle pattern, Bullish candle pattern (h1) near the up trend line, down trend line (m15) that is being broken, patterns like flag or wedge etc
Target 1: Gap Zone near 1.5435
Target 2: Last High near 1.5540
Stop Loss: below the up trend line and support
Video Explanation:
