As in my previous idea linked below I reached my 3 targets riding the retracement from the high on Monday! So I thought I'd try to catch the ride down a bit further... Hope I'm not overdoing it - greedy...? ;-) I will use smaller lot sizes than regular, don't wanna eat up my profits... Buy limit and sell limi are in place! The fib levels and 100- and 200MA could...
Looking at the big picture is usually a good idea so I thought I'd give it a go! Is the picture clearer now for me after doing so? I'm not quite sure but I think analysis paralysis is slowly setting in... The only thing I'm sure of now is that I'm not very sure of anything anymore... I guess that's just as it stands right now with this pair! I managed to identify...
I know that channels can be tricky since it depends on where you connect your dots, depending on broker, which timeframe, connecting open/close or high/low... For me however this up channel was confirmed when PA tested it earlier today. If anything, the lower boundary is a strong trendline which was tested 4 times already! Today we got a second test of the upper...
Update to my previous post: added 2 channels, adjusted SL and added extra targets for possible trades. Possible trades are on the chart, 3 targets per side, depending on the direction in which PA breaks out of the triangle. I will not enter the first breakout unless it is very clear because I suspect it might be false, I will wait for a confirmed second breakout...
This pair has been moving in a horizontal channel since the beginning of this year. The 2015 March-May move Fibonacci levels have been acting as support and resistance on many occasions since then. Price is now clearly consolidating in a triangle: price action moving up and below the 10MA and 20MA, RSI and stochastics around the middle and BBands squeezing. So...