This is a follow-up detail on the publication shared during the weekend (see link below for reference purposes), where we already have a counter-trend opportunity running with over 160pips (2 positions) in our favour. With the current consolidation pattern projecting a triple top look-a-like structure since yesterday morning, I am anticipating the confirmation of a reversal pattern in the form of a breakdown of structure to signal a bearish momentum right below the key level identified at $0.7000 ( a very strong psychological level).
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Trade active
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one position triggered, we are looking for a retest of the neckline to add one more position
nice analysis sir...but don't you think price could reverse around 0.69300 signaling an inverted head and shoulder pattern?...your thoughts on this?
darcsherry
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@prime1000, Well, this is a possibility that can not be ignored, but when the price gets into 0.69300 area, we would have already been in about 65pips profit approximately and with our stop-loss moved accordingly to mitigate against such potentials you have mentioned. However, it is pertinent that we put into consideration the long term bearish momentum, especially on the daily time which in my opinion has an immense influence on how price action plays in the next couple of weeks. So, lets wait and see what happens around this area you have mentioned (that is if price moves thus far) and by the way thanks for the compliment :)
prime1000
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thanks for the explanation and you are welcome...all the best.