Looking to build a long position between 1.0500 and 1.0600. This is a MAJOR demand area on daily/weekly/monthly charts. Our target is the neckline of the MAJOR reversed head and shoulder pattern around 1.1300. and SL will be placed below 1.0500. Potential profit is 800 pips and our risk will be around 100 to 150 pips. So managing your trade size is very important with these BIG moves. The price could move against you for 100 pips or so for a few days before you see profits. Your comments and opinions are welcomed and good luck to all of us.
We love this trade because of the tight demand level "only 100 pips" compared to the potential expected move to the upside. We will look to take our long based on the 30 minute chart analysis when the price comes to our demand area.
We love this trade because of the tight demand level "only 100 pips" compared to the potential expected move to the upside. We will look to take our long based on the 30 minute chart analysis when the price comes to our demand area.