Trade Alert: SELL Now to 2.12, Then BUY Big to 2.20??
Updated
This pair has surged over the past few weeks, nearing last year’s high at 2.158 and approaching several key high timeframe (HTF) levels.
First, we have the 2020 spike high, which reached the monthly SUPPLY/SELL zone created in June 2016. As shown in the chart below, just above that zone is the 61.8 FIB level from the Brexit decline that began in August 2015.
We are likely heading towards these levels soon. However, I anticipate a short-term sell-off towards the 2.12 level first, given the extreme overbought conditions across all lower timeframes, coinciding with last year's high.
My strategy is to wait for the next SELL signal on the 2-hour to 6-hour charts using my TRFX indicator, targeting the 2.12 level. I will closely monitor this setup, as the drop may not reach 2.12, and will trail my stop after securing the first 100 pips in profits.
As mentioned, this pair is likely heading towards 2.20 or higher in the coming months. Therefore, I plan to buy into the short-term dips to target those higher levels.
To confirm this, I want to see a retracement towards 2.12, followed by a bullish signal. Given this pair’s nature, it could easily surge to 2.20, presenting a significant selling opportunity with the potential for substantial profits.
Share your thoughts in the comments, and don’t forget to hit the follow button if you like my ideas!
First, we have the 2020 spike high, which reached the monthly SUPPLY/SELL zone created in June 2016. As shown in the chart below, just above that zone is the 61.8 FIB level from the Brexit decline that began in August 2015.
We are likely heading towards these levels soon. However, I anticipate a short-term sell-off towards the 2.12 level first, given the extreme overbought conditions across all lower timeframes, coinciding with last year's high.
My strategy is to wait for the next SELL signal on the 2-hour to 6-hour charts using my TRFX indicator, targeting the 2.12 level. I will closely monitor this setup, as the drop may not reach 2.12, and will trail my stop after securing the first 100 pips in profits.
As mentioned, this pair is likely heading towards 2.20 or higher in the coming months. Therefore, I plan to buy into the short-term dips to target those higher levels.
To confirm this, I want to see a retracement towards 2.12, followed by a bullish signal. Given this pair’s nature, it could easily surge to 2.20, presenting a significant selling opportunity with the potential for substantial profits.
Share your thoughts in the comments, and don’t forget to hit the follow button if you like my ideas!
Trade active
This pair has been grinding higher since I posted the idea last week with no clear 4HR SELL signals until this morning Asian session.The TRFX indicator has give the go ahead to enter :)
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