Using 100 and 200 SMAs, I saw the price dip below the 200 line. As it had already been under the 100, the bias was bearish; the crossover of 200 is a confirmation and potential beginning of downtrend. I placed a sell order with SL @ the 200 SMA value to minimize risk and a TP @ 1.39964. I found this value with the fib retrace. This value also lines up with a...
I was able to draw a parallel trend channel, and have two buy orders on the low of 1.4055. As long as the price is between the trends, there is an upwards trend bias. If it breaks the low (plus a 10 pip barrier for safety's sake) the bias turns bearish. If it breaks above, I'll sell on the retest and buy again to stay on trend. Additionally, market tested a fib...
