I have seen this pair come up to this very interesting level where price has broken and now is looking at testing that area. After a massive drop in price, there seems to have been a slight retracement into this level and yesterday's daily candle has closed in the form of a bearish engulfing candle.
I will be looking for a retracement entry of this bearish candle with my stop loss above the wick highs and a profit target of 1:4 and next structure.
Best of luck with the charts
I will be looking for a retracement entry of this bearish candle with my stop loss above the wick highs and a profit target of 1:4 and next structure.
Best of luck with the charts
Trade active:
Morning All,
Little update on this idea, we managed to get filled in during Tuesdays Asian session and closed the day in the form of a doji indecision candle which still validated the trade.
However, yesterday we had some pressure from the bulls pushing the market up but still rejecting higher prices.
I would like to see some pressure from the bears to move this market down to create a bearish week on this pair and test my profit structure level.
Best of luck if you took this trade!!!
Little update on this idea, we managed to get filled in during Tuesdays Asian session and closed the day in the form of a doji indecision candle which still validated the trade.
However, yesterday we had some pressure from the bulls pushing the market up but still rejecting higher prices.
I would like to see some pressure from the bears to move this market down to create a bearish week on this pair and test my profit structure level.
Best of luck if you took this trade!!!
Trade closed: stop reached:
Unfortunatley we are taken out as prices look to push higher closing us out.