My long term bias is still long on this pair. My last attempt to long failed, i see now because the structure was not complete yet (we are all learning here). The structure seems to be finished now, we have a nice corrective channel at the 0.61 fib retracement. From the EW perspective i think this is a series of 1-2s. Be carefull, today we have strong FOMC news, it depends on you to trade this setup before or after the news. Best regards.
*****************DISCLAMER******************************************************************** Always do your own analysis before opening a trade. Any respectful and constructive ideas are welcome (agree or disagree). Follow me on Twitter for updates: @fxtrader2000
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Still alive!! although i will need to wait some days to see if this works. I will just stay aside and follow my plan. Regards.
Comments
tntsunrise
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agree! I have taken profit with my short position
IvanLabrie
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Man we're in sync today:
FullTimeTrader
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Great! i should have listened to you when you observed the structure was not complete. Well, we learn from mistakes also.
IvanLabrie
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Yeah, it needed more time.
No problemo though.
Now it might rip!
tntsunrise
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HAHA really like your ideas for both of you! Coudn't agree more
Koryphaeen
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Nice, both of you! I took short on USDCHF and I entered long on this one, so I/we need bad FOMC news for the USD... Anyway, I will hold on to these trades managing my SL manually and trailing my stops in case it will move in our favor. Good luck to both of you!
FullTimeTrader
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Yes, trading is newer easy and there is always a risk involved. Most important is keep risk under control. Good luck!!
Koryphaeen
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XAUUSD technical is also confirming a USD weakness, I must say that I traded these kind of pennants and flags very successfully in the last period on gold. But my exposure would be a bit crazy with that USDCHF that I have open since yesterday and the AUDUSD which I took in the morning. But just a simple idea:
Koryphaeen
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measured target would complete exactly at a major structure level (major means in this case string structure on the H4 chart)
FullTimeTrader
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Nice setup!! i would also long XAUUSD but the exposure is too much, all markets are correlated. Regards.