The highlighted ellipse is cluster of following three; 1- Completion of Gartley 2- AB=CD pattern 3- Downward upper trend line (minor)
Hence 1.463 may be a level you should be watching closely if you are long this pair; I expect a decent pull-pack at this level, though.
Please let me know your thoughts,
Best regards, Hamed Newcastle upon Tyne 03/Jun/2015 Wed h22:35 BST
Comments
andrewcountry
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What do you think it's going to happend in a month time?
HamedAghajani
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Hello @StevenCountry. I don't know what will happen in a month time. But this pair could go higher than this level in near future. However for the moment, price showed respect for the trend-line, so far. One could trade the short side in the following manner; If the risk to reward ratio of the trade fits you trading plan.
andrewcountry
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Thank you very much for your answer HamedAghajani.... I'm a very beginner in this word. Just hope it will go down to 0.7 at lest.... thanks again!
HamedAghajani
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It won't go to 0.7 in 1-month for sure. It may to 1.6-1.7 first. Never risk more than you can afford. (at most 3% of your trading capital)