This is a counter trend trade based on the weekly chart. Last week there was a hammer candle at an area of resistance. These are lower provability trades because we are going against the trend on all time frames.
The reasons for potentially taking this trade is the combination of the hammer candle last week at an area of support. Both the daily and 4 hour are entering into a Dynamic Zone. The 4 hour is showing a clean double bottom.
Some conflicting signals are there is no divergence on the weekly chart. I want the MACD to go against the trend. MACD should be going up when price is going down.
There is a bleed out on the 4 hour MACD. That indicator turned green days ago, meaning price has gotten ahead of it self.
. you want to see a turn from red to green near your point of entry.
This trade is based on using the 4 hour chart.
Entry should be above the 4 hour swing at 1.4855. Stop should be below the recent 4 hour swing low at 1.4775. Target should be around 1.516.
Great if it works!