The pair is in a clear downtrend in the 1HR and 4HR TF's. Here in this 1 Hr TF, there is a clear indication of price action in the recent spike up and then a equal and actually greater spike back down. This is a "V-reversal". which in this case is clearly price action. Also, there is structure overhead (I called it minor structure but has several touch points in the recent past) that prices bounced off from. And prices have just broken a small pattern and retested it. When it retested it, that's when i decided to SELL. This is a clear example of what is price action.
MY TRADE PLAN
I am short on this pair right now and will ride it down to the lower of the larger where I will take some or all profits and wait for the next move while watching the price action closely. I will have my stops on this trade just above the minor sr structure marked on the chart. If prices get above this structure and stay above it, most likely it will head up to the upper of the larger triangle.
Refer to my previous posts on this pair as to the longer term direction that I believe this pair will take. See the Related Ideas section for links to those posts. Good luck!
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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Year-to-date Profits: +5,794 pips.
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