This idea is dependent on a retrace from from the initial spike off the Fed rate hike announcement. This was a strong move up and the price could very well hit my target before my entry position is hit, making this invalid.
-Entry - 1.06900
-Stop Loss - 1.06650
-Take Profit - 1.07830
It may be beneficial to view a chart at a larger timeframe to understand the structures I'm going to describe. The price had broke through a inverse head and shoulders neckline (1.06150), then rebounded off a small symmetrical triangle's upper trendline. Price hit support off that neckline and broke through the triangle's trendline. This is why I'm suspecting we see a retrace back to that triangle prior to testing the upper trendline of a larger symmetrical triangle (lot's of triangles and words there).
The trendline is above my take profit and aligns closely with a neckline to a larger inverse head and shoulders pattern (1.0795). It's possible we could break out of this zone for a longer term uptrend, but I feel this is a safe take-profit for this specific trade.
Good luck!
-Entry - 1.06900
-Stop Loss - 1.06650
-Take Profit - 1.07830
It may be beneficial to view a chart at a larger timeframe to understand the structures I'm going to describe. The price had broke through a inverse head and shoulders neckline (1.06150), then rebounded off a small symmetrical triangle's upper trendline. Price hit support off that neckline and broke through the triangle's trendline. This is why I'm suspecting we see a retrace back to that triangle prior to testing the upper trendline of a larger symmetrical triangle (lot's of triangles and words there).
The trendline is above my take profit and aligns closely with a neckline to a larger inverse head and shoulders pattern (1.0795). It's possible we could break out of this zone for a longer term uptrend, but I feel this is a safe take-profit for this specific trade.
Good luck!
Trade active:
This is still technically active, seeing as that continuation upward never hit my future TP (very very close though). My entry level has not been hit yet, so it's worth monitoring. I'd say the longer the price stays at these levels, the less likely this idea will pan out. I will keep track of this and provide updates.
Order cancelled:
It looks like this trade is invalid/cancelled. My point of entry was not hit before reaching my take profit. The idea, in general, was correct; however, given the strength of the initial leg up, my entry was a little too generous.