What I'd like to see happen is a retest of the upper trend line, I will be loading shorts in the region of 1.133-1.134 for the downside target of 1.123.
Hopeful to see a target of 100 pips secured whilst risking 30.
Best of luck traders, lets get to it.
Just a quick trade here, looking at the swing high to swing low made after FOMC, using fib retracement I have shorted from the 0.382. The reason why I have taken this trade is the risk/reward is 1:3, it also takes very little amount of pips for me to be wrong.
Best of luck traders
Market structure being respected of lower highs and lower lows, currently making the new lower high at the top of the descending channel.
Targeting 130 pips and risking 40 pips.
Best of luck traders, now we sit back and watch this play out.
1st reason, if you take a look at the monthly you can see it is reaching the top of the descending trend line .
2nd reason, looking at the daily using the fib retracement you can see that that it has reached the 50% mark which aligns with the descending trend line .
As shown in the chart, EU is reaching the bottom of an uptrend channel, if support is respected we can see it returning back to the top for a over 200 pip profit. Buy orders set, now we sit and let things play out.
If you take a look at you can see the right shoulder has now been made from the heads and shoulders pattern, if you also look at the 4h chart you will also see a visible heads and shoulders. I had an earlier publication of the myself shorting the right shoulder from the yellow ob however that had been removed due to violating trading view terms.
Still holding the...
This will be the 4th time bouncing off the trend line boldly. Retail longs are about to be taken out, expecting a sharp move down. Being that its NFP today I will be risking much lower than usual, until I see it follows direction, thereafter I will add to it. As always keeping it simple.