Descending Channel Breakout Pull Back and Continuation
My expectation of this pair is for it to continue up towards the top of the longer-term ascending channel for a third touch. Once the price is at this level My bias would then be short, that is probable. However, what is possible is a long term break, this is why I will wait for confirmation before taking a position.
A break from the descending channel confirms a long position, once the pullback to the 50% fib was confirmed with momentum to the upside I entered.
Entry - 1.26708
SL - 1.26418
TP - 1.29729
Depending on price action I may close half my position halfway to my TP target.
SL will be moved to breakeven once the first pullback and continuation have happened.
A break from the descending channel confirms a long position, once the pullback to the 50% fib was confirmed with momentum to the upside I entered.
Entry - 1.26708
SL - 1.26418
TP - 1.29729
Depending on price action I may close half my position halfway to my TP target.
SL will be moved to breakeven once the first pullback and continuation have happened.