Looking at the 4hr time frame you can see a trend here. We are currently testing the most recent low with a pretty big divergence on the rsi
and close to support on the trend line
. I will be watching and looking for a long setup on the 1 hr
chart. This is the first time we have seen this kind of setup in a long time while it has been in this channel. If this trendline
happens to hold and it starts running I will eye the approach to 1.15 pending the action near that level, divergences, speed, etc, I would either be looking to take off some of the position and let some run for a possible breakout, or take off all of the position. I would and always exit if I see action that denotes not reaching that high as well.