This is an interesting pair, i have been watching and trading in the recent weeks and months. I am expecting a huge bull move. And the chart is showing that this market is getting ready for this move. On this weekly chart, we see a huge Shoulder Head Shoulder Pattern that has been forming for 2 years, and right now we are forming the right shoulder of this pattern. Now in this right shoulder we have another potential Shoulder Head Shoulder Pattern forming right now. My idea on this currency pair, is to look for long entrys. In my view there are two options right now. First would be to look for dips into 1.0400/30 area and buy with a stop below 1.0370, looking for this big daily pinbar low to hold, and targeting in the coming weeks the 1.1200 area so that this formation closes its body. Second option would be to look for another move towards 1.0310/1.0290 and buy with a stop below 1.0240 also looking for a move towards 1.1200. I am personally probably going to play both options, so if the first position is going to get stopped out, i will enter a second one hence i will adjust my lotsize on both positions.
I wish you all the best, and please keep in mind, not risking too much, this markets are crazy and wise men said to build consistent profits, not trying to be rambo. Good Luck.
The position is already in good 180 pip profit, i am now moving my stop to BE @ 1.0425 and letting the market do its thing.
danwc
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GREAT Stuff,..J.P.. reckon u are on the monie..danwc
IamJeanPaul
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@danwc, Thank you, yes i entered @ 1.0425 with a 60 pip stop, looking for a move towards 1.1200. I am probably going to trail my stop towards 1.0410 in the coming hours, so my risk exposure is minimal, because i am really liking this three white soldiers on the 4H chart the market formed in the last 12 hours, so this 1.0413 low should not give away easily in my opinion.
Wish you all the best.
Mrsaini
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Great observation bro.... i am trading the same idea...best price action analysis ever....keep it up