Overall I'm looking for some relief on this pair given the recent rally. One potential opportunity to get involved on the short side of this pair could be a 2618 trade entry as shown on the chart.
Definitely not the cleanest double top here, but matched with the bearish RSI divergence could be setting up a nice 2618 short. If price can come back up into that 61.8% retracement then I would be looking to sell for multiple targets. Initially, target 1 would be a retest of the break below close below of the double top, but will also be interested in holding the second half of the position even lower towards the 38.2% & 61.8% levels of the recent move to the upside.
Let's see whether or not this plays out over the coming days!
Definitely not the cleanest double top here, but matched with the bearish RSI divergence could be setting up a nice 2618 short. If price can come back up into that 61.8% retracement then I would be looking to sell for multiple targets. Initially, target 1 would be a retest of the break below close below of the double top, but will also be interested in holding the second half of the position even lower towards the 38.2% & 61.8% levels of the recent move to the upside.
Let's see whether or not this plays out over the coming days!
Comment:
Entries adjusted as the move after breaking below continued a little further. Will be looking to get involved around the 1.3560 level.
Trade active:
Filled with some positive slippage from the Retail Sales news release. Short @ 1.3566
Trade closed: stop reached:
Spike up from the Fed meeting stopped us out.