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XLMUSD Targets Newly Formed Equal Highs

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Avatar for rafaelken1989
Written by   52
4 months ago

XLMUSD is trading in a new range since September 13 strong move down.

I am looking at its newly formed equal highs thanks to Friday's good break-out move from the previous lower range consolidation.

I think it will be the short-term bulls' immediate rally target.

Just need to re-test $0.1050 sub-levels one last time as long covers on the double top rejection earlier, will be a good entry point.

In case price breaks down below the blue line I've drawn, I put stop loss at $0.1029.

Obvious immediate take profit target is a re-test on the newly formed equal highs.

This trade plan scores a 1.667 RR.

Original article written by me:

https://www.finlogix.com/analysis/20220917/xlmusd-targets-newly-formed-equal-highs

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Avatar for rafaelken1989
Written by   52
4 months ago
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