See annotations on chart. Entries are only executed on price action confirmation. Risk Management is key!
see annotations
See related idea below for the forecast sent out. Shorts anticipated; if price breaches below 1.4900 with bearish PA confirmation then our downside target of 1.4800 will be anticipated.
We forecast for the week ahead: 1) Outline anticipated move 2) Outline Contingency Plan 3) Create trading plan around Price Action (entries planned on H4, H1, H15 dependent on your anticipated exit)- Updates will be provided. 4) Create a Risk management plan for unexpected fluctuations 5) Sit back relax (See Related Idea Below)
Have a Key Resistance Zone between 111.850-112.000. Will require bearish PA confirmation around this zone before short setup is anticipated. We anticipate a potential target of 111.250 with two management targets in place: Management Target 1: 111.550 Management Target 2: 111.400 Stop Loss: Above 112.150 (Dependent on Entry) If price breaches and closes...
Looking for the long setup, potential shorts can be held to retest the 1.1800 level. However, PA will be seeked for the bullish setup. See linked idea.
Our upside target of 1.3100 still remains, we have a potential harmonic formation to be formed. We can expect 1.1800 to be retested as outlined in our previous posts (A potential bullish harmonic formation to be formed with “D” lining up with 1.1800.) For those of you that haven't entered the long can look for entries around this region with bullish PA...
Looking long, if price breaks below 0.34950 then this trade setup is no longer valid.
Looking long to 178.50 then a potential short setup on PA confirmation from that region to 169.00- 168.50.