With price not being able to break that 115.10 area for so many trading days, I would be cautious of a drop. My bias is short but there is no clear signal yet. It has to break that 115.50 high before I turn bullish.
This is my forecast for the week ahead. It will be updated everyday during asian session for any changes. Do scroll down to look at the comments for updates.
Just because price has reached my area of interest does not mean I will open a position unless I specifically mentioned I would open a position there. I would normally watch the price action before deciding.
Nothing is 100% in trading, it is a game of probabilities. Be nimble when trading, never have a strong bias. I can turn from bullish to bearish in a day if price action tells me so.
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Still waiting for supports to break before initiating shorts.
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Wednesday
We are at support, waiting for a break to start shorting on pullbacks.
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Thursday
Not a clean break, no shorts yet until I see a nice clean break.
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Friday
A clean break of support happened, and now we can short at that 113.75 level to go all the way down to 110.90.
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Comments
jojofang0901
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Lovely trade setup, thank you very much for sharing your idea. I have similar view on this pair, executing on the break out of triangle.