Possible longs off what seems to be a good level, but there are some issues with the trend here. It proves too risky to get any positions and keep them for the long hold because
1:The target isn't expansive. The target is nearby, and we're already near strong resistance levels. 2:We're in a minor zone overall. The levels aren't as integral as I would like for long term holds.
Saying this, theres no reason why you can't use this pair for intraday trading and make good money, but the trend is gone in my opinion and the targets are too limited for longer term holds, hence my opinion this is only good for intraday trading.
I'm not saying it couldn't break these levels and prove to go far, but I don't see it as a likely scenario, and even if it does.. It was too risky to put money on the line to find out.
Thanks, Tom
Comments
IvanLabrie
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Looks a lot like EURUSD, like, a LOT.
TomProTrader
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Very much so. Expected long to wedge top first, before the short.. it just made sense, but announcements likely to knock technical "form" I suppose.
IvanLabrie
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Depends on the technicals at times. I took a long in eurusd from 1.11068, was good but didn't keep going like I expected, retrace took a very strange shape, but I think it should be over soon...max 2 days.
TomProTrader
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I see. Todays trading is instrument for near future trend direction and is the true do or die in my opinion.
This idea not sure how I got wrong. First trade idea in 3 months that was wrong!
IvanLabrie
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Statistics finally caught up haha. And yes, instrumental.
TomProTrader
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instrumental*
TomProTrader
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I'm happy no trade and trend came of this, because I didn't like it from the start.