The weekly shows a very bearish formation at 8.5. The impulse is still green, but using the daily, I would say it's time to short
Now looking at the daily, it's time to play in anticipation. Look at the candle that formed two days ago, that kangaroo tail. It is very bearish. Looking back on the chart, the accuracy of candlesticks is not great, but considering where this kangaroo tail is, I believe a short bet should be taken.
I have closed my remaining position (entry in the linked chart section) and I have gone short, with a small position. I will add once the weekly impulse becomes blue.
As for targets, well I believe the least we'll see is 8.0. The question is if this pair can go below that. My trade plan is to keep adding to my short, and once we get close to 8.0, I will start taking profits, and leave maximum 50% on the table. If I will see a buying signal developing there, I will not hesitate to go long. If it breaks, I will consider adding back to my short.
Let's wait for 8.0!
Now looking at the daily, it's time to play in anticipation. Look at the candle that formed two days ago, that kangaroo tail. It is very bearish. Looking back on the chart, the accuracy of candlesticks is not great, but considering where this kangaroo tail is, I believe a short bet should be taken.
I have closed my remaining position (entry in the linked chart section) and I have gone short, with a small position. I will add once the weekly impulse becomes blue.
As for targets, well I believe the least we'll see is 8.0. The question is if this pair can go below that. My trade plan is to keep adding to my short, and once we get close to 8.0, I will start taking profits, and leave maximum 50% on the table. If I will see a buying signal developing there, I will not hesitate to go long. If it breaks, I will consider adding back to my short.
Let's wait for 8.0!
