Shoulder - Head - Shoulder pattern. Textbook like on this chart.
Bulls also broke a strong downward trendline.
We are clearly seeing a change of strength. Hop on the train on any dips. 1.67-1.66 is a strong support area with several confluences.
I am expecting around 1.70 mild sell pressure and profit taking that could take us back toward the above mentioned buy zone, never buy high, but buy low in an uptrend and sell high in a downtrend!
Stops should be placed below 1.64 swing.
For me personally this can be seen as a high probability trade, but always trade with stop and proper risk management, because one never knows what will happen.
Blessings to you all.
Bulls also broke a strong downward trendline.
We are clearly seeing a change of strength. Hop on the train on any dips. 1.67-1.66 is a strong support area with several confluences.
I am expecting around 1.70 mild sell pressure and profit taking that could take us back toward the above mentioned buy zone, never buy high, but buy low in an uptrend and sell high in a downtrend!
Stops should be placed below 1.64 swing.
For me personally this can be seen as a high probability trade, but always trade with stop and proper risk management, because one never knows what will happen.
Blessings to you all.
Note
Note
Just a heads up i am going to enter around 1.6700, 20% of my position. (upper red arrow).A small position size because i think we could still see another dip toward the 100 and 50 DMA aswell as the 78% fibo. around 1.6550 where i plan to add the remaining position. (lower red arrow).
Note
I like what i see here, bulls are seemingly interested in forming a higher low around 1.6700. I will be adding to my position, in the coming days :)Note
Nice movement. Also here its possible to move stop up to 1.6580 minimizing the stop and gunning for a big reward.Note
Already +500 pips feel free to take profits or ride it further higher. :)Note
Still waiting for that 1.75. What a great trade.
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Related publications
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.