Lets see if we can't punch through resistance and out into a correction on this downtrend.
The lows were rejected for now. If we can keep above 1.0730's, I think this has a good chance of retesting resistance at 1.0800 and perhaps even 1.0870
Two longer term trendlines present a confirmation of the correction if broken.
Long entry target is near 1.0740, as it will have to retest that level soon. Stop is close below that, presenting a very high risk/ reward trade.
Target 1 is around 1.0800, we will have to wait and see if 1.0870 is feasible.
The lows were rejected for now. If we can keep above 1.0730's, I think this has a good chance of retesting resistance at 1.0800 and perhaps even 1.0870
Two longer term trendlines present a confirmation of the correction if broken.
Long entry target is near 1.0740, as it will have to retest that level soon. Stop is close below that, presenting a very high risk/ reward trade.
Target 1 is around 1.0800, we will have to wait and see if 1.0870 is feasible.
Trade closed: stop reached:
Personally, my stop was hit as it whipsawed before breaking the channel and hitting the target. Long idea was right, this particular trade had too close of a stop.
