On the chart above, I have marked out several points that the price action will be giving us clues as to what to expect next. At each of these points, it will be very important to pay close attention to what the market is saying and be patient and not overreact or jump the gun. If you are in positions, it's time to protect them before those points.
One point in particular will be especially important: that is the point prices reach the bottom of the IF they get there. If that holds, then expect a HUGE move higher. Should it break, then I will be looking to my recent post on the scenarios on this pair.
MY TRADE PLAN
As in my other post on this pair (see Related Ideas: "ANALYSIS #1: EURUSD: In Downtrend But How Far Will Go?"), I am now just staying on the sidelines and waiting for clearer price action before I take any positions LONG or SHORT. The picture is NOT clear at the moment. Not to me anyways. I will be ready no matter which direction this pair talkes and the upper and lower of the triangle are my decision points. Personally, I favor the scenario as I have been on this pair from 2 months ago. But I won't get stuck on being too caught up in me being right to not see the true direction. You shouldn't either.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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