On the weekly price has formed an reversal pattern, broken a major descending TL and our MA's are turning to the upside all suggesting huge #bullish momentum.
However we have a great looking, high probability #short setup we are looking to take advantage off. Price formed a at a key (0.775) which is also confluent with the 200ema.
We are anticipating a break and retest of the ascending TL and a short run down to our (0.748),which is a potential C retracement 50% fib level. If this is indeed a trend reversal to the upside we will be looking to place our long entries here, in which we will be targeting the 0.805 level.
Long entries will still be warranted if we dont get our pullback and see a clear break of the at 0.775 and the high also targeting our 0.805 level.
Remember the higher timeframes rule all! So #build a case for the direction you want to trade in than zoom into the lower timeframes to confine your entries so you So you can milk as many pips as possible from the $5trillion+ forex market