The pair has reached a 2 years low (0.6200).
There are two scenario's that I will be following.
Scenario 1 Long
To trigger a long entry there are a few thing I wish to see before I enter go long.
1. Break of the down slopping trend line around 0.6300 level
2. Creation of new HH and HL (New up-slopping trendline)
3. Break of the resistance level at 0.6350
4. re-test of the level or a fundamental catalyst to give the power for a strong break out
5. Cross of the EMA100
For this entry I will target the 0.6550 level and SL bellow the last HL
Scenario 2 Short (Following the current down trend)
the only additional confirmation I will need for a short entry is the break and re-test of 0.6200 level, also a look on the volume indicators.
The level I will target is 0.6000 super old support level(4.5 years)
For my Day trade position I will be using the same levels as reference, using more of chart/candle patterns on 1 and 4h hours time frames for 30-40 pips targets.
I hope you enjoyed or find useful this information, feedback is always welcome.
Merry Christmas and Happy New Year!
There are two scenario's that I will be following.
Scenario 1 Long
To trigger a long entry there are a few thing I wish to see before I enter go long.
1. Break of the down slopping trend line around 0.6300 level
2. Creation of new HH and HL (New up-slopping trendline)
3. Break of the resistance level at 0.6350
4. re-test of the level or a fundamental catalyst to give the power for a strong break out
5. Cross of the EMA100
For this entry I will target the 0.6550 level and SL bellow the last HL
Scenario 2 Short (Following the current down trend)
the only additional confirmation I will need for a short entry is the break and re-test of 0.6200 level, also a look on the volume indicators.
The level I will target is 0.6000 super old support level(4.5 years)
For my Day trade position I will be using the same levels as reference, using more of chart/candle patterns on 1 and 4h hours time frames for 30-40 pips targets.
I hope you enjoyed or find useful this information, feedback is always welcome.
Merry Christmas and Happy New Year!
Note
The consolidation period is over, and the price break down the 0.6200 level. Scenario 2 is on, from now I will be looking for a re-test around that level before I enter for a sell.
Trade active
Short sell Scenario 2 Target 1 0.6100
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.