Hey guys,
after being correct in predicting the upward move on this pair (see attachment) we took our profit near 83.00. Now i changed my mind, just watching price action. I'll explain you why.
Basically we are testing a strong resistance zone, both in the daily and in the weekly, therefore we could expect some strong resistance here. In addition to that, we also have a Gartley completion right there, together with AB=CD pattern and some Fibonacci extensions. The Gartley is very deep so it provides a very good risk to reward.
Nonetheless, being a conservative trader, i want to see more confirmation. We've just entered a OVERBOUGHT condition and now i want to see a candlestick formation signaling selling strength like a double top or an engulfing candle.
I'll let you know if i'm selling this.
As usual, feel free to write below if you want to share your standpoint or if you want to ask questions.
Otherwise, see you in the next chart!
after being correct in predicting the upward move on this pair (see attachment) we took our profit near 83.00. Now i changed my mind, just watching price action. I'll explain you why.
Basically we are testing a strong resistance zone, both in the daily and in the weekly, therefore we could expect some strong resistance here. In addition to that, we also have a Gartley completion right there, together with AB=CD pattern and some Fibonacci extensions. The Gartley is very deep so it provides a very good risk to reward.
Nonetheless, being a conservative trader, i want to see more confirmation. We've just entered a OVERBOUGHT condition and now i want to see a candlestick formation signaling selling strength like a double top or an engulfing candle.
I'll let you know if i'm selling this.
As usual, feel free to write below if you want to share your standpoint or if you want to ask questions.
Otherwise, see you in the next chart!
Comment:
If the current candle will close engulfing i'm going to short this pair:
