This is a follow up on the monthly chart posted recently.
In this daily chart we see that the short rally may be looking for breather here.
It's best to wait for our at this point. I would take a short position when the pair gathers enough steam to take out 1.3300 on the downside.
So the idea is to enter short when the price gets to our entry point at 1.3280. Enter the stop loss at the now resistance 1.3330. Target is just above 1.2800. In my experience, it's best to take your profits just before a major level is hit. So about 1.2805 or so would be fine. Giving up those 5 pips saves us 100's in the long runs.
It's obviously possible to fine tune this further by going into 4 hr or 1 hr chart but I think the risk reward looks nice for this trade here.
In this daily chart we see that the short rally may be looking for breather here.
It's best to wait for our at this point. I would take a short position when the pair gathers enough steam to take out 1.3300 on the downside.
So the idea is to enter short when the price gets to our entry point at 1.3280. Enter the stop loss at the now resistance 1.3330. Target is just above 1.2800. In my experience, it's best to take your profits just before a major level is hit. So about 1.2805 or so would be fine. Giving up those 5 pips saves us 100's in the long runs.
It's obviously possible to fine tune this further by going into 4 hr or 1 hr chart but I think the risk reward looks nice for this trade here.
