Looking to get long at the bottom around 1.4720 with tight stops under 1.4680...The pair is quite bearish so I am looking for a few things along the way as confirmation in this trade.For starters I want to see price close above 1.4788 after the rebound and secondly I want to see the price breakout of the T.L resistance , if these conditions are met then we can look to hold for targets@ 1.4840 - 1.4932.
Keep in mind the pair has a lot of risk events ahead so it may not workout as planned at all but from a risk reward standpoint it seems like a decent trade.
Keep in mind the pair has a lot of risk events ahead so it may not workout as planned at all but from a risk reward standpoint it seems like a decent trade.
Trade closed: stop reached:
The pair plummeted and took out the support area and the stops placed so this setup is no longer valid !