Recently we had an impulse higher to the trend line and are now correcting and making a bull flag. An impulsive break higher could open the way for a retest of the highs.
- Trade Safe :)
The pair broke down just as anticipated (previous post) and I would have looked for shorting opportunities, but I am not liking the intraday price action so no trade for me.
Here we see an inverted head and shoulders pattern forming the right shoulder at good support and with price stalling. Higher time frames support this daily price action (weekly, monthly, and quarterly charts).
All it takes to get long now is confirmation of a move higher on the intradays
Running good in profit, but will hold a pull back to scale into the position. This trade is being executed on the daily chart, but the whole analysis was done from monthly time frame and weekly time frame.
Will be looking to hold this position for as long as possible.
Who else utilizes longer term time frames and aligns their analysis with a macro bias?
Good example of not getting greedy. Price missed my target and started to rally up. I was not liking how other time frames were looking, so I closed for a small profit. At this point I feel like this can go any way so no need to hope for it to drop to my target. Even it it does and I missed on profit, there is nothing to it because this is just of many trades and...
After strong bullish momentum, we have created a bullish flag. Getting long if it breaks out to the upside to continue with the bullish momentum.
- Take note that the daily is at resistance on the 1.03 area. For this reason I'm opting for a quick 1:1 in and out trade
- Price had an over extended bullish run
- Break down after head and shoulders pattern
- Short on pullback to resistance
- Targeting Daily 0.382 fib retracement
Let me know your thoughts on this setup!
