I like the range of price that I see on the Monthly time chart. From what I observe the pair is in an overall uptrend. Price broke a major support level
and is now retracing back up for what I think could be a re-test. Fibonacci Retracement
level 0.5 is in sync with the same broken major support level
so I would keep an eye out. According to price action on the 4 HR
there is indecision at Fibonacci Retracement
level 0.382 followed by a bearish engulfing
. As to what it seems price might even head to the downside sooner than expected. My move would be to wait till price moves up to Fibonacci Level 0.5 or Down to Fibonacci Level 0.236 for an opportunity to sell. Anything else, well then this wouldn't be a trade for me and I would probably check out another pair. All in all, keep an eye out folks I think this one could be a goodie.
Side note I mentioned in the title that it is a steady monthly uptrend. I would consider this trade a short term opportunity as I for I have learned to not trade against the trend. Well this trend on the 4HR seems to be going down so this is more of a test to see how price reacts.
Trading Journal #11
- Austin S.