On the monthly chart we have seen price form a candle as it was rejected on the 61.8 retracement for the major wave (1.2128-1.5585).
Meantime, on the , the price could be forming an inverted with a potential right shoulder currently forming at the 50-days and a neckline at 1.3760 level. This is not a complete pattern, but there is a possibility that we reach back to the neckline at 1.3760 as the price formed a daily long-legged candle at the 50-days average and 0.618 retracmenet.
If my suggested scenario to materialize, i would book profits closing half of my position near the neckline. Move stop loss to entry point in anticipation for a breakout.
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1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game