TONUSD - Could be building nice Weekly Cup-and-Handle
While it is to early to suggest, that price is prone to the break-out above 2.60 pivot. It fine to acknowledge this potential, due to favourable price and volume profile.
Notice the prevalence of good weekly closes on a substantial pick-up in volume in comparison with down weeks being on much lesser volume week by week.
It is yet to early to suggest the three weekly lower-lows is enough for the handle in the cup to form, but until price holds 10w MA, I am willing to consider this bullish potential.
Trading thesis: I would wait for the proper pivot to emerge on the daily time-frame (preferably around 2.6 level), before establishing any positions. Although cowboy-type traders may consider any low-cheat pivot around 2.16 area to be actionable with proper risk-management tactics and discipline.
Notice the prevalence of good weekly closes on a substantial pick-up in volume in comparison with down weeks being on much lesser volume week by week.
It is yet to early to suggest the three weekly lower-lows is enough for the handle in the cup to form, but until price holds 10w MA, I am willing to consider this bullish potential.
Trading thesis: I would wait for the proper pivot to emerge on the daily time-frame (preferably around 2.6 level), before establishing any positions. Although cowboy-type traders may consider any low-cheat pivot around 2.16 area to be actionable with proper risk-management tactics and discipline.
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