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THIS PAIR IS TRAPPED WITHIN THIS ASCENDING CHANNEL FOR A WHILE AND THIS HAS BEEN QUITE INTERESTING TO TRADE. IN FACT, EARLY STRATEGIC ENTRIES FOR BUY OR SELL COULD GIVE UP TO 150PIPS PROFIT.
I EXPECT THIS MOVE DOWN TO THE CHANNEL BOTTOM AND THEN A TIMELY BUY ENTRY FOLLOWS. THE CHART IS SELF-EXPLANATORY.
THE CONFIRMATION YOU SHOULD WAIT FOR SHOULD BE THAT THE PAIR IS REJECTED AT THE CHANNEL BOTTOM TARGETED AND THEN RALLIES WITH A BULLISH MOMENTUM.
DISCLAIMER: DO NOT TRADE WITH BORROWED MONEY OR THE ONE YOU CAN NOT AFFORD TO LOSE. FX IS A HIGH RISK HIGH REWARD MARKET AND VERY VOLATILE