This idea is purely technical, I haven't had a chance to look at the fundamentals for either pair. The solid white lines are monthly key levels, the dotted lines are daily key levels. Price is approaching the 200 EMA and a strong daily resistance level. It is also beginning to form a shooting star candlestick at the 61% fib level. However we still have a full day ahead of us before this thing closes. The overall trend is bearish so I will be looking for opportunities to short this pair. I would keep an eye on the hourly or 4hr chart and watch to see if this breaks to the downside. I will be watching closely for price to show me a reason why I should ride the wave!
This is my first idea btw!
Hope Some one reads this haha
Good Luck everybody
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I'm gonna be looking for price to break below 128.5 then retest that level for an entry. but like i said we still have to see how this plays out, it could very well go up to 130-131
Closed Out All Profits on Friday at 128.60. Not sure If I'm liking the action this has anymore. Non farm payroll is this week. Yesterday was labor day. Gonna let this play out a little more
elevatedinvestor
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May continue you even higher or make break to the downside, we shall wait and see
elevatedinvestor
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I entered this for a short at 130.5 and exited at 129.5