In this chart I describe my forecast for the coming month.
I expect a retracement first, but it's possible to see a steep decline initially.
If we do have a retracement to the 50% level, that's a great entry, so don't hesitate on taking it.
I'll look into scaling in, for the time being leaving a sell stop under the current low, same stop, above the invalidation level, at 1.1342.
After these two positions are open, and filled, if price moves 1 ATR in our favor, we can cover half and/or move stops to BE to free up margin for scaling in some more in the future.
Target is initially at 1.078, but there's a possibility of extending all the way down to a loftier target: 1.00974.
Good luck!
I expect a retracement first, but it's possible to see a steep decline initially.
If we do have a retracement to the 50% level, that's a great entry, so don't hesitate on taking it.
I'll look into scaling in, for the time being leaving a sell stop under the current low, same stop, above the invalidation level, at 1.1342.
After these two positions are open, and filled, if price moves 1 ATR in our favor, we can cover half and/or move stops to BE to free up margin for scaling in some more in the future.
Target is initially at 1.078, but there's a possibility of extending all the way down to a loftier target: 1.00974.
Good luck!
Trade closed: target reached
