I’ve chased candles that looked exactly like this before, so I’m watching the reaction at this 0.5525 high very carefully instead of blindly buying the green momentum. Price on the 1-hour chart is sitting near 0.5300, holding firmly above the moving averages after a massive vertical recovery from the 0.292 lows. The immediate market structure, however, shows a clear rejection wick testing the 24h high, meaning buyers need to prove themselves here.
I am waiting for a clean 1-hour close above 0.5525 to confirm the breakout, or a controlled pullback that defends the 0.5060 MA7 area. Shorting this obvious strength is a trap, but buying the exact top without confirmation is how you become exit liquidity.
Entry: Above 0.5525 (upon confirmed close) or a defended retest of 0.5060
SL: 0.4850 (below the recent consolidation structure)
TP1: 0.5850
TP2: 0.6200
Invalidation: A 1-hour close below the 0.4880 MA14 structure breaks the bullish momentum.
If price chops here, do nothing. Preserving your capital is a valid position. Do you wait for the retest or trade the breakout?
@BR #BR $BR
I am waiting for a clean 1-hour close above 0.5525 to confirm the breakout, or a controlled pullback that defends the 0.5060 MA7 area. Shorting this obvious strength is a trap, but buying the exact top without confirmation is how you become exit liquidity.
Entry: Above 0.5525 (upon confirmed close) or a defended retest of 0.5060
SL: 0.4850 (below the recent consolidation structure)
TP1: 0.5850
TP2: 0.6200
Invalidation: A 1-hour close below the 0.4880 MA14 structure breaks the bullish momentum.
If price chops here, do nothing. Preserving your capital is a valid position. Do you wait for the retest or trade the breakout?
@BR #BR $BR