This currency pair has been in a somewhat choppy yearly consolidation range. It has recently broken the long term black down trendline into the buy zone. The question is now, is the consolidation range going to hold? Or the broken down trendline? Market has now bounced off the black down trendline and moving its way up to the near term blue down trendline. Unless the market taken out the consolidation high, then I have no choice to short this currency.
My plan is to trade sell half a position at the first blue down trendline /at a strong resistance and after A BEARISH CONFIRMATION, if market broke the inner near-term down trendline and formed another confirmation at the outer near-term down trendline, I am selling another half position with my stop above the high, and limit at the consolidation resistance.
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My plan is to trade sell half a position at the first blue down trendline /at a strong resistance and after A BEARISH CONFIRMATION, if market broke the inner near-term down trendline and formed another confirmation at the outer near-term down trendline, I am selling another half position with my stop above the high, and limit at the consolidation resistance.
If you like my analysis and content, please follow and subscribe :) Also follow my instagram for more interesting content. Insta | @FNSwingFX
Comment:
Target hit at 0.7158 (1.618 extension..) forgot to update this idea.. CLOSED