The RSI is oversold on the daily chart and we can see that the market made a retest of the current level several times. It gives us a good chance for taking a long trade and get around 190 pips of profit, risking just a little more than 90 pips.
Have a nice trading day ;)
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It looks like it went to re-test previous big resistance and I am still in this trade
@SN_Doumet @rafedihs I am looking to go long around the area where the Fibonacci confluence takes place. As I see it in the RSI in is oversold but I am still waiting for a divergence there to enter the position as well. It seems that this week there are no major news that could affect this pair, so I would think it will continue lower just to the green box I drew, before it sky rockets to re test the previous highs. What do you think?
Aqua_Trader
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@marck023, I already see a divergence on the stochastic as well as a Hammer on the Daily which is why I think it could be moving up, maybe this week...
Aqua_Trader
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agree
are you looking into reopening?
rafedihs
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Now what do you think after it it 0.961xx? Then up around 70 pips and closed at 0.964xx? Should i hold my position as i have been floating on 0.97xx level since monday haha. Its very oversold now tho. Damn market makers
@mlepper, You welcome. Yes, the TP at 0.99 is a good idea for me because you can see that the pair is just kind of ranging and I would wait for a clearer sign that the market intends to go farther up before I take another long position.