Thanks to PriceActionTrading for this idea
This shows the power of this community, its not a struggle to show who is always right or who is better, smarter but helping each other to find nice trading opportunities.
For new members, observe im not just blindly taking his setup but i do my own analysis using my trading system to confirm a possible trade.
After a strong rally this pair is reaching a key area, we can see it better on W1 chart (see details on chart):
Specially I like the bollinger band duplication and bounce trading on EMA 200. This is a trading system i have backtested and feel comfortable with.
Here on D1 chart we see the price made the first lower low and is attempting to reach new highs but the momentun is weak, i think it will fail and finally will make a deeper retracement, at least to the 0.38 fib
We see there was a previous AB=CD pattern before but one thing i learned is not to jump into a trade and wait for the price to PROVE first its ready to make a move.
The lower low is that proof for me.
Best regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome.
We all are here to learn sharing ideas, have fun and improve our performance.
For new members, observe im not just blindly taking his setup but i do my own analysis using my trading system to confirm a possible trade.
After a strong rally this pair is reaching a key area, we can see it better on W1 chart (see details on chart):
Here on D1 chart we see the price made the first lower low and is attempting to reach new highs but the momentun is weak, i think it will fail and finally will make a deeper retracement, at least to the 0.38 fib
We see there was a previous AB=CD pattern before but one thing i learned is not to jump into a trade and wait for the price to PROVE first its ready to make a move.
The lower low is that proof for me.
Best regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome.
We all are here to learn sharing ideas, have fun and improve our performance.