I'm already long this pair from earlier in the week. My position has been doing absolutely nothing but sitting there, but with our recent movement in price action another opportunity has appeared as well. This structure based opportunity can be looked at like a 2618. Price action has come down to previous and held, followed by a HHHC and is now retracing.
The HHHC gives us a rotation and the present retracement is a perfect chance to hop aboard. Also the fact that the is showing us hidden divergence gives me some added confidence and potentially added points for those of you that trade the Combined Technical Scoring System ( CTS ).
The risk reward looks good on this trade no matter where you look to get long, so the only question left is "How Can I Get Long?" And the answer to that should be simple. What does your trading plan say are your rules for entry on this type of trade? "But Akil, what if I don't have a rule for this in my trading plan?" Well I'm sorry but you shouldn't be taking the trade then.
With structure being at the core of my trading philosophy I'd be looking for targets at resistance & stops below support. Best of luck if you do get involved and until next time. "Plan Your Trade, Trade Your Plan"
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And thanks for all of the work and effort you put into this. I've learned a good deal from you and will continue to do so! Have a great weekend!