I am personally not convinced with this rally. Low volume, no change in fundamentals. Could be a bull trap. Stop is tight, target is wide. Will take half of the position out around 1.172 zone. Good luck!
Approaching the neckline of the recently formed H&S. Great area to short. Apply your own risk management.
Keeping trading simple. Trade historic zones. Smart risk/reward. Entry 0.685 - 0,681 Stop loss: 0.679 Target: 0.698
Retest to the 61.8 level, and continuation down. I am not trading this as there is not enough reward for the upside. But I will be looking to join the downtrend during the correction.
On the daily chart, a strong bullish pennant has formed. The 4 hour chart shows how I incorporate fib levels to my trades. From last high and last low, I can identify my target to the -27 fib level. I believe the market will touch 1.30900. However, I already entered a small position at 1.312 just in case. Stop is 1.306, target 1.319.
The market is currently bullish and we would be trading against the trend. However, with appropriate risk management and a tight strategic stop loss this trade could play out well. Indicators have been overbought for weeks now, there has developed a channel on the daily chart . Enter smaller than your usual contract size, near the previous high. The stop loss...