The pair has potentially completed a 5-motive wave sequence, and I say potentially for the reason that we still cannot say with 100% certainty that wave 5 is over.
It has given a topping formation (double top) as well as a strong lower low - lower close candlestick last week which could be signaling the start of a pullback / correction.
My potential scenario:
Short @ Entry: 1.2401, SL: 1.2701, TP: 1.1701, RR: 2.33
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
It has given a topping formation (double top) as well as a strong lower low - lower close candlestick last week which could be signaling the start of a pullback / correction.
My potential scenario:
Short @ Entry: 1.2401, SL: 1.2701, TP: 1.1701, RR: 2.33
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Comment:
nice playout - too bad i didn't actually take it ;p
