True. If 1.092 does not break. if it does 1.088 comes into play with a max downside of 1.08 which is not great for buyers. Buy is still valid with a valid target but SL should be kept wider.
TradingShot
⋅
@Erland, I couldn't have said it better. 1.088 seems to be the lowest possible point based on the 1W Channel Down.
Erland
⋅
@TradingShot, There is a small bearish pattern forming on H1 at around 1.099, which should drop the price down to 1.09-1.088 where D1 bullish pattern is emerging. We have not reached either of those levels yet so those patterns are just hypothetical. But anyway - selling at these levels is not an option for me, although I keep seeing 100 pips going by my nose every day as I am not selling. Tempting but BUY is the only safe option for me now.
TradingShot
⋅
@Erland, Indeed. The past 1 year or more, it has shown that Lower Lows (where we are now) are best used as buy entries. Regardless of the fact that on the long term the trend is very bearish due to trading on a 1M Channel Down.
Erland
⋅
@TradingShot, Yes, Lower lows buy should work as usual on this pair. And yes, Monthly chart is very bearish with a potential to reach 1.05 and close the Macron gap. We should see 1.12-1.125 in the coming 2 weeks hopefully. Don't like to hold with negative swaps for too long.
INFINITYWARS1
⋅
thanks Tradingshot what's your thoughts on PoundsterlingvsRMB