Another fantastic "golden zone" opportunity has presented itself this week. We as traders need the recent 77.53 high to be broken to start looking at this setup, otherwise this pair may already be in its bearish slide. 50%-61.8% retrace from 9-6 highs was slightly missed on 9-21 making this opportunity valid. Along with this the extension from 9-15 lows to the 9-21 high, back down to 9-21 low has not been met. I advise shorting this pair at 77.72 with stops above 78.7 and targets as early as the 75 level which comes before the longer term 4hr extension.
Always risk max 2% with a minimum of a 2 RR ratio. This trade follows all risk managment rules with a 2.51 RR. Patrick Kenney Head Currency Analyst and CEO ffxacademy.com