Looking at the Long Term on Fibre (EUR/USD)
Price is currently heavily bearish on the higher time frames such as the weekly and monthly, Understanding this, I would like to only focus on short positions, Price could easily start dropping from the current price, and that's fine, I prefer to find a better price to short the instrument. The current structure shows a consolidation between 1.030 and 1.010, I, however, would like to see price break to the upside as there is a strong level there which is untested, I do believe this will be a great price to short from, especially if price taps into 1.040.
From point of entry at 1.040 I expect price to continue the selling because it coincides with the higher timeframe momentum A great place to take profit would be 1.0000 I will secure 90% of my positions there and then continue to hold to see how far we can push, On the flip side, Price could easily continue pushing higher and proceed to break our resistance as well hit my stop loss, that is just part of the game, I will, however, remain short on the instrument and look for more shorting opportunities even if the position does not play out. The only time I may change my Bias is if the structure begins to shift bullish.
This one may take a while to play out so let us wait for price to come to us.
Happy Trading
Renaldo Philander.
Price is currently heavily bearish on the higher time frames such as the weekly and monthly, Understanding this, I would like to only focus on short positions, Price could easily start dropping from the current price, and that's fine, I prefer to find a better price to short the instrument. The current structure shows a consolidation between 1.030 and 1.010, I, however, would like to see price break to the upside as there is a strong level there which is untested, I do believe this will be a great price to short from, especially if price taps into 1.040.
From point of entry at 1.040 I expect price to continue the selling because it coincides with the higher timeframe momentum A great place to take profit would be 1.0000 I will secure 90% of my positions there and then continue to hold to see how far we can push, On the flip side, Price could easily continue pushing higher and proceed to break our resistance as well hit my stop loss, that is just part of the game, I will, however, remain short on the instrument and look for more shorting opportunities even if the position does not play out. The only time I may change my Bias is if the structure begins to shift bullish.
This one may take a while to play out so let us wait for price to come to us.
Happy Trading
Renaldo Philander.