Wait for it - on the daily, we should be waiting to long this pairing when and after we have confirmation that we are bullish somewhere in the demand zone (143.769 - 144.552) check the CCI and go long at least all the way to supply zone (148.403-149.314).
At this point we will likely have a breakout, need confirmation and take the trade all the way to the second supply zone (152.806-153.764); this in my opinion is very optimistic but not impossible! If we have breakout there are other supply zones in between that we would almost certainly reach if not as far as 'zone 2'.
The 4-hourly will show a better entry/exit location.
At this point we will likely have a breakout, need confirmation and take the trade all the way to the second supply zone (152.806-153.764); this in my opinion is very optimistic but not impossible! If we have breakout there are other supply zones in between that we would almost certainly reach if not as far as 'zone 2'.
The 4-hourly will show a better entry/exit location.
Trade active:
We have been in the Demand zone for the past 3 days, and yesterday's candle on the daily is confirmation enough to enter a trade.
Enter anywhere in this Demand zone (143.769-144.552) and set your stop loss at or below 143 and ride up the change of trend.
The only real issue is that the weekly chart has not reversed the trend yet and nor has the monthly; however, I believe that the bullish trend will start here and will carry on through next week and beyond with perhaps a small retracement towards the end of the week.
Enter anywhere in this Demand zone (143.769-144.552) and set your stop loss at or below 143 and ride up the change of trend.
The only real issue is that the weekly chart has not reversed the trend yet and nor has the monthly; however, I believe that the bullish trend will start here and will carry on through next week and beyond with perhaps a small retracement towards the end of the week.