Chart Observations:
1. Double Top Pattern:
Marked by two circles, showing strong resistance around the 0.93–0.9350 zone.
Price rejected from this zone both times, suggesting sellers are active there.
2. Breakout from Wedge:
A bullish breakout occurred from a descending wedge pattern, leading to a sharp rally.
However, after hitting resistance, a strong bearish candle followed — potential for a pullback or reversal.
3. Current Price:
0.9027 — below the resistance zone, and potentially turning into a short-term correction.
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Trade Plan:
Scenario A: Short Position (Rejection at Resistance)
Entry: Around 0.9150–0.9250 if price retests and rejects that zone again.
Stop Loss: Above recent high at 0.9350.
Take Profit:
TP1: 0.8900 (previous structure support)
TP2: 0.8700 (deeper retracement, possible wedge support re-test)
Scenario B: Long Position (Confirmed Breakout Above Resistance)
Entry: On 15M candle close above 0.9350 with volume.
Stop Loss: Below 0.9150 (recent breakout point).
Take Profit:
TP1: 0.9550 (psychological round level)
TP2: 0.9700+ (based on potential measured move)
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Risk Management:
Use 1–2% of your account risk per trade.
Adjust position size accordingly to stop-loss distance.
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