Hello traders,
Well here is a pretty textbook/simple setup. I've had my eye on this for a couple days now, and the time seems right to enter. This pair has trended up to retest not weekly resistance but MULTI YEAR RESISTANCE! It has formed a tweezer top candlestick formation at resistance.
Stops: placed at 1.1483 above previous volatility highs during September 2015's test of the resistance area .
Target: first target is placed slightly above support which has held between May 2015-Present Day 2016. The second target is at the all time low for this pair at 1.0037 (secondary profits will be taken around that area depending on price action.)
Note: Yes I have taken note of the possible inverse head and shoulders pattern which has formed. But it is only validated upon a break above the multi-year resistance. If we get a break above the multi year resistance than I will change direction accordingly and look for buying opportunities with targets to be posted upon a break higher. Life is about probability, and the probability of success.
Well here is a pretty textbook/simple setup. I've had my eye on this for a couple days now, and the time seems right to enter. This pair has trended up to retest not weekly resistance but MULTI YEAR RESISTANCE! It has formed a tweezer top candlestick formation at resistance.
Stops: placed at 1.1483 above previous volatility highs during September 2015's test of the resistance area .
Target: first target is placed slightly above support which has held between May 2015-Present Day 2016. The second target is at the all time low for this pair at 1.0037 (secondary profits will be taken around that area depending on price action.)
Note: Yes I have taken note of the possible inverse head and shoulders pattern which has formed. But it is only validated upon a break above the multi-year resistance. If we get a break above the multi year resistance than I will change direction accordingly and look for buying opportunities with targets to be posted upon a break higher. Life is about probability, and the probability of success.
Trade active:
Just took 1st target profits. Leaving the rest of the position to reach target two.
All the BEST and Thank You for sharing :)
I took the opportunity and added more shorts back into this pair during the consolidation between 1.06 - 1.075. Price has now broken below the consolidation support at 1.06; It completed it's retest and I expect another retest of the 1.035 lows again. (Trade is still active)