Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Happy New Year to everyone and wish you had a great vacation and have started a great year full of pips.
Four hour chart below shows that there is a possible channel and a short-term trendline on it. I like to call that green trendline as “Shadow Zone”. Look at the candles and you will find out how many tails formed around that trendline and this indicates that something was amiss!
40sma has acted great and has proven that it’s a support level which is holding the price now. So any possible bounces off the 40sma is now predictable.
But for taking position; For long positions I like the price to break the upper bond of the channel which make the price to break 0.8650 to the upside and for short positions I do like that Shadow Zone to be broken and target for this short setups would be the beneath bond of the channel.
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