When I stumbled upon this weekly chart I almost thought it was too good to be true. I've personally never seen such a clear weekly consolidation pattern and that may leave it open to manipulation and failure but I simply cannot ignore the potential.
1. We're consolidating below the 2009 low @1.35 and after the strong BREXIT induced drop.
2. After such a strong one-sided move I'm inclined to trade with a Short Bias looking for a breakdown.
3. A clean move below 1.29 should really start the down move and TBH I don't know what the targets are because we're all new all time lows so I'd look to hit a clean psychological number like 1.25
In conclusion, set a sell stop at 1.29. Otherwise, no play
1. We're consolidating below the 2009 low @1.35 and after the strong BREXIT induced drop.
2. After such a strong one-sided move I'm inclined to trade with a Short Bias looking for a breakdown.
3. A clean move below 1.29 should really start the down move and TBH I don't know what the targets are because we're all new all time lows so I'd look to hit a clean psychological number like 1.25
In conclusion, set a sell stop at 1.29. Otherwise, no play
Trade attivo:
My sell stop was triggered on the break of 1.29 holding now until atleast 1.25.
Retails traders getting more long this pair - Look out below!
Retails traders getting more long this pair - Look out below!
Trade chiuso manualmente:
Ridiculous trading in terms of profit potential 1.29-1.20. I unfortunately bailed before the flash crash but still made out with 300 pips !
Keep trading the long term setups!
Keep trading the long term setups!