Top Down Analysis:
Monthly:
The pair has been in an uptrend since mid 2012;
On May/17 we've had a break of Pennant Pattern;
Price made a Pullback and rejected 1.45 level with two beautiful Pin Bars, and started trend continuation on October/17;
According to Pennant Pattern target projection, we might hit 1.73 in the coming months
Resistance comes in at 1.625, and Support at 1.53;
Weekly:
We have an ascending Parallel Channel and more recently a break of 1.52 key resistance level;
09/04 and 16/04 formed a Tweezer Bottom candlestick pattern on the Fibonacci golden Levels + at 20 EMA retest;
10, 20 EMAs are bullish, aligned and separated, indicating strong uptrend;
Bias for 23/04 week is bullish;
Daily:
We have a break of pullback trend line on 18/04 engulfing candle and Pullback Trend Line Break in 19/04;
In this setup, Daily would be execution for a Weekly time frame trade;
Bias:
Bullish
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Entry Trigger:
Tweezer Bottom Pattern on retest of Flip Zone + Trend Line Retest;
Stop Loss:
Few pips below Breakout Candlestick
Target Profit:
TP1: 1.585 key level;
TP2: Parallel Channel Top;
Trade Management:
Trail Stop to Parallel Channel Trend Line Support;
Close half of the position at 1.585 and the other at Channel Top
Monthly:
The pair has been in an uptrend since mid 2012;
On May/17 we've had a break of Pennant Pattern;
Price made a Pullback and rejected 1.45 level with two beautiful Pin Bars, and started trend continuation on October/17;
According to Pennant Pattern target projection, we might hit 1.73 in the coming months
Resistance comes in at 1.625, and Support at 1.53;
Weekly:
We have an ascending Parallel Channel and more recently a break of 1.52 key resistance level;
09/04 and 16/04 formed a Tweezer Bottom candlestick pattern on the Fibonacci golden Levels + at 20 EMA retest;
10, 20 EMAs are bullish, aligned and separated, indicating strong uptrend;
Bias for 23/04 week is bullish;
Daily:
We have a break of pullback trend line on 18/04 engulfing candle and Pullback Trend Line Break in 19/04;
In this setup, Daily would be execution for a Weekly time frame trade;
Bias:
Bullish
__________________________________________________
Entry Trigger:
Tweezer Bottom Pattern on retest of Flip Zone + Trend Line Retest;
Stop Loss:
Few pips below Breakout Candlestick
Target Profit:
TP1: 1.585 key level;
TP2: Parallel Channel Top;
Trade Management:
Trail Stop to Parallel Channel Trend Line Support;
Close half of the position at 1.585 and the other at Channel Top
Trade closed: stop reached:
Break Even. Trailing stop to Parallel Channel proved to be a great tool