I am bearish on this pair and i see lots of pips to be collected from the set up/trade idea
if you look at the bigger picture price is captured/still in the channel .when we got to the top of the channel which acted as resistance,price did not break through
we have been selling from the top of the channel.As i always emphasise price does not move in straight lines but waves etc
(my vertical lines on my charts are just to give you a clue of my anticipated direction of the market )
After the free fall what we currently expericing is normal pull back in market
You can see i drew my fibs and expected the pull back to end at the golden ration of 61.8/50 and then fall.
A look on smaller time frames confirm this is currently underway.
An aggressive trader you can look for a bearish price aaction candle to fully close in our anticipated direction and enter short .
The reserved trader will wait for price to break the base trendline and then go for a short
CAUTION:this is only a trade idea hence do your own analysis
if you look at the bigger picture price is captured/still in the channel .when we got to the top of the channel which acted as resistance,price did not break through
we have been selling from the top of the channel.As i always emphasise price does not move in straight lines but waves etc
(my vertical lines on my charts are just to give you a clue of my anticipated direction of the market )
After the free fall what we currently expericing is normal pull back in market
You can see i drew my fibs and expected the pull back to end at the golden ration of 61.8/50 and then fall.
A look on smaller time frames confirm this is currently underway.
An aggressive trader you can look for a bearish price aaction candle to fully close in our anticipated direction and enter short .
The reserved trader will wait for price to break the base trendline and then go for a short
CAUTION:this is only a trade idea hence do your own analysis
