Hi All, not sure if I posted this the other day but I have had this on the radar after we completed our B leg, after FOMC with the jump in the USD and this pair somewhat correlates with AUDUSD we seen the drop in AUDUSD which in turn pushed this pair slightly higher.
With the momentum of the USD maybe we will see this pair continue upwards, we can only see 3 things in trading, up down or sideways.
If we continues upwards on screen as always Green entry Zone, Stops Level and Initial Targets
Keeping in mind if this meets your rules for trading then it could be a great opportunity for great reward, but in saying this if you normally trade 15M and 1H charts then this could be the difference of winning 10 trades and losing it all in one trade.
I like to stick to my rules for trading and dont change my TTF (Trading Time Frame) however I still like to publish other Time frame analysis for those who do trade them.
The potential Risk is 300 or so pips reward as you can see for 2 targets if the pattern completes could be T1 400+ and T2 600+ bringing a total of 1000+
Green Entry Zone - 88.6% - I would keep my order just below this entry level
Stops Minimum above X @1.113%
Targets - to be adjusted on D completion - keep your limits orders or targets just above the 38.2% and 61.8% to ensure your target is reached
Second stop moved down to break even when target 1 is reached
Good Luck and happy trading
With the momentum of the USD maybe we will see this pair continue upwards, we can only see 3 things in trading, up down or sideways.
If we continues upwards on screen as always Green entry Zone, Stops Level and Initial Targets
Keeping in mind if this meets your rules for trading then it could be a great opportunity for great reward, but in saying this if you normally trade 15M and 1H charts then this could be the difference of winning 10 trades and losing it all in one trade.
I like to stick to my rules for trading and dont change my TTF (Trading Time Frame) however I still like to publish other Time frame analysis for those who do trade them.
The potential Risk is 300 or so pips reward as you can see for 2 targets if the pattern completes could be T1 400+ and T2 600+ bringing a total of 1000+
Green Entry Zone - 88.6% - I would keep my order just below this entry level
Stops Minimum above X @1.113%
Targets - to be adjusted on D completion - keep your limits orders or targets just above the 38.2% and 61.8% to ensure your target is reached
Second stop moved down to break even when target 1 is reached
Good Luck and happy trading
