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If the test of the weekly control zone a entails the formation of the engulfing pattern today, buyers will hold the upper hand. The target level for the Bullish engulfing pattern is the weekly control zone of 1.0957-1.0940. This gives the opportunity to earn 80 pips more profit, so the stop loss size should not exceed 25 points.
When trading within an accumulation zone, it is obligatory to close the most of long positions as soon as the weekly control zone is reached. This will allow traders to avoid losing profits in a case a sharp trend reversal.
To cancel the Bullish engulfing pattern, the trading should close today below the weekly control zone a. In this case, traders will consider short positions of the currency pair with the downward target of a one-month low. The chance that the uptrend will be canceled is 25%. This will make short deals from the current levels unprofitable.
The daily control zone is a zone which is formed by important data from the futures market. Such data is updated a few times a year.
The weekly control zone is a zone which is also formed by important data from the futures market. This information is also updated a few times a year.
The monthly control zone is a zone which reflects average volatility over the last 12 months.
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