By looking at the price action, its easy to see that the pair has been moving in a bearish direction for serval days. Current price action suggests that we might be in for a short term bullish correction.
We have spotted the formation of an inverse head and shoulder pattern on the Daily chart and when we move to the H4 time frame, this pattern is more clearer. Another reason for our bullish short term
basis is because we have spotted a change in market structure from bearish to bullish as per our key level. We will be looking for an entry on the retest of this key level. The target for this trade is around
high of the previous month. The risk reward for this trade currently stands at 7.87 to 1. We plan to hold until target or close manually as per our trading plan rules.
We have spotted the formation of an inverse head and shoulder pattern on the Daily chart and when we move to the H4 time frame, this pattern is more clearer. Another reason for our bullish short term
basis is because we have spotted a change in market structure from bearish to bullish as per our key level. We will be looking for an entry on the retest of this key level. The target for this trade is around
high of the previous month. The risk reward for this trade currently stands at 7.87 to 1. We plan to hold until target or close manually as per our trading plan rules.
Order cancelled:
Price did not retrace to our entry point
Comment:
Even though price did not retrace to our entry, our target was reached.