What the market has done recently is breaking above and closing above both the trend line, and the previous structure highs on daily time frame. I have been watching this pair for getting a retracement, and getting involved on a trend following trade. Currently, the market has retraced and got itself out of OB condition looking at the RSI, and we now have 2 potential areas to get involved. We have the 38.2Fib coming right at our previous structure levels. We also have the 61.8 coming right at the former trend line resistance which should become support, and there is the previous structure highs lining up at the same level as well. According to your trading plan, you may want to choose either of these areas to get involved. Good Luck!
Trade closed: target reached
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+210 Pips
Comments
pathaniasourabh
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can we buy in dips near 0.74100 ?????
ErfanParvini
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Well, the rally has already happened. If the market starts dipping down to that area again before hitting our taget, I'll be out of the trade with the protective stop at break even.
pathaniasourabh
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ok boss!!!!
pathaniasourabh
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Trade active ????
ErfanParvini
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Yea, we almost hit the target, but we did not actually hit the 0.76218 yet !
Piet.Hein
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I agree, I have an eye on this opportunity too, good luck!