With this week's anticipated and unanticipated news, my previous idea of going long got stoped. But now the pattern has become cleaner and clearer, so I am long again!
On the weekly TF I traced the balance zone and its control price. After many attempt to go through the control price, once it did, a strong rejection formed itslef. Now the price is edging a important trendline. Upon its break I'd see price go the 1200ish. Maybe more after some correction. This is a good trade with a good risk/reward ratio Entry approx. :...
I think this pair is about to go down for a few hundreds of pips. will see
In correlation to my thoughts on JPY/USD, I think the Eur (and GBP for a matter of fact) is going down to midrange (control price)
This week's dip tested a strong resistance (blue zone) that is a control price on the monthly chart. It fell below and it looks like it made a rejection (double bottom and inverted SHS). I think it we might go for a big ride upward.
It just hit the control price. Most spikes on the left stopped at that level and went extrems afterwards.
It filled the gap from this weekend's opening. Now we might see a correction. Nice reward/risk ratio
This allows for a good reward ratio risk. Will see!