Hello Traders! Hopefully you took advantage of that beautiful bullish movement that we forecasted last time. Now, we are in a VERY important zone! We are possibly looking at a huge bearish momentum coming up. The chart is clearly forming a Head-and-Shoulder pattern and seems to be respecting it. You can clearly see this pattern in a 4H and Daily timeframe.
Now, what are we going to be doing for our next move? We could still see the markets push up to 1.24752 and retest so I wouldn't necessarily place a Sell position just yet. I would suggest placing a "Sell Stop" at a lower price point to add a level of risk management. Again, we still need to see what the markets do as there is a possibility that the market could continue to go past 1.24752 and maybe reach 1.26280. However, I find this to be unlikely but we need to be reactive and not predictive. So, I would suggest placing a "Sell Stop" at a lower price point and wait for bearish confirmation. We could be looking at a VERY profitable move up ahead!
Thanks and stay safe everyone!
- ALPHALICIOUS
Disclaimer: This is my personal opinion of the markets. I am not responsible for any trades that you execute. Please use research, analysis, and proper risk management when trading. Thank you.
Now, what are we going to be doing for our next move? We could still see the markets push up to 1.24752 and retest so I wouldn't necessarily place a Sell position just yet. I would suggest placing a "Sell Stop" at a lower price point to add a level of risk management. Again, we still need to see what the markets do as there is a possibility that the market could continue to go past 1.24752 and maybe reach 1.26280. However, I find this to be unlikely but we need to be reactive and not predictive. So, I would suggest placing a "Sell Stop" at a lower price point and wait for bearish confirmation. We could be looking at a VERY profitable move up ahead!
Thanks and stay safe everyone!
- ALPHALICIOUS
Disclaimer: This is my personal opinion of the markets. I am not responsible for any trades that you execute. Please use research, analysis, and proper risk management when trading. Thank you.
Trade closed: target reached