I'm afraid the next price target should be @1.44 or even lower.
traderWgun
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as I have mentioned above, buy zone is between 1.457-437. Looking at the waves, the next low is probably going to be "the" low.
HamedAghajani
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Could you please advise on SL?
traderWgun
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The 1.40 figure should. At least on weekly close basis.
HamedAghajani
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Thanks, I just left an order with 100 pip below 1.437; My account size can not take more than this.
traderWgun
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You could of course just wait for a bullish daily candlestick close and buy this pair against the candlesticks low. Most candlestick formation holds 70% of the time on the daily.
HamedAghajani
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Yes-Of course, I readily cancelled that order. A quick question: based on the trend line on you main chart, shouldn't a price action around 1.437, violate the trend?
traderWgun
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Yes it should. But as I mentioned above : broken trend lines are good bull/bear traps. When a trend line is broken, most traders get very bearish/bullish and then you have a shift in sentiment. The markets get extremely bearish every time the market creeps a bit higher. Traders adds to their losing positions and then they are to deep to get out of the trade.
Another thing to consider is that this is a weekly trend line, and should only be considered as broken if we get a weekly close and continuation below it.
traderWgun
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Hidden bullish divergence on weekly
livingtrancefully
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no thats actually invalidated... you should be looking to the RSI lows from APril 2013 for the next hidden divergence