***Update: I'm pleased to say P/A seems to be headed to the area that I would like to short, which is the .618 Retracement =)
Wrote down a couple notes on the chart. The Fibs are drawn from the previous high before the drop to the lower low, as we see the .618 Fib lies within the Daily Chart's 50 Moving Average, so a short entry would be preferable for me in that area, or in the .50 Fib area.
Currently P/A is travelling within a small channel within the "Bear Flag" (It's easier to see the channel in the 1HR Time-frame) . At the moment I'm neutral on the pair, and will wait to see for the current resistance level holding (Which doesn't seem likely when you look at the Daily Chart).
Note: Most XXX/USD , USD/XXX pairs are at crucial support and resistance levels, so tread carefully when entering a position. With the DXY also traveling down a channel.
Screenshot of the DXY : gyazo.com/6b316fbb57...c6b9e4853629a38b67f0
Cheers, and happy trading traders =)
Wrote down a couple notes on the chart. The Fibs are drawn from the previous high before the drop to the lower low, as we see the .618 Fib lies within the Daily Chart's 50 Moving Average, so a short entry would be preferable for me in that area, or in the .50 Fib area.
Currently P/A is travelling within a small channel within the "Bear Flag" (It's easier to see the channel in the 1HR Time-frame) . At the moment I'm neutral on the pair, and will wait to see for the current resistance level holding (Which doesn't seem likely when you look at the Daily Chart).
Note: Most XXX/USD , USD/XXX pairs are at crucial support and resistance levels, so tread carefully when entering a position. With the DXY also traveling down a channel.
Screenshot of the DXY : gyazo.com/6b316fbb57...c6b9e4853629a38b67f0
Cheers, and happy trading traders =)