I am an absolute forex noob and I am currently paper trading. Your thoughts about my approach below are highly appreciated!
After the december high I several times quit a few shorts with TP at the early december break out. This time I wanted to short again, but noticed a few ideas of fellow traders to long this pair. I dug a little deeper and may have found some additional bullish signals:
-mid december the pair broke a long term trend line dating back to april 2018 (this trendline may act as support in the following weeks)
-mid january the pair broke a short term trend line that now acts as some kind of support
-The 0.654../0.657... area may act as support. It did before and also represents a high volume node and low of the value area(VPFR july 2019 untill now).
-The CCI (20) is slightly oversold and could signal a reversal
After the december high I several times quit a few shorts with TP at the early december break out. This time I wanted to short again, but noticed a few ideas of fellow traders to long this pair. I dug a little deeper and may have found some additional bullish signals:
-mid december the pair broke a long term trend line dating back to april 2018 (this trendline may act as support in the following weeks)
-mid january the pair broke a short term trend line that now acts as some kind of support
-The 0.654../0.657... area may act as support. It did before and also represents a high volume node and low of the value area(VPFR july 2019 untill now).
-The CCI (20) is slightly oversold and could signal a reversal