Our TP1 was achieved at 1.1620 yesterday and price respected a major s/r trendline by creating a top and making a reversal Today which was also necessary to complete the handle of the 'cup and handle' pattern (4h chart). In respect to the price action, I drew the channel and look forward to our next TPs that is 1.1690 and possibly 1.1720 (which is a 38.9 Fibo retracement of high: 1.2400, low: 1.1298). Our final TPs are also our entry for shorts.
For now, the price found support in the 1.1550 - 1.1562 area which is an all-time major s/r area. My aim is to place longs into the 1.152x area or lower later Today. I do believe that the price will respect the limits of the channel until it hits 1.1690 and so validate the effects of the cup and handle pattern on the 4h chart. The date for final TPs to be hit could be the 28th of August. Good luck to everybody!
Trading Plan:
23/08/2018: LONG, entry 1.1500-1.1525, TP1: 1.1592, TP2: 1.1690, TP3: 1.1720
Once TP2 is achieved: SHORT, entry: 1.1690 - 1.1720, TP1: 1.1630
For now, the price found support in the 1.1550 - 1.1562 area which is an all-time major s/r area. My aim is to place longs into the 1.152x area or lower later Today. I do believe that the price will respect the limits of the channel until it hits 1.1690 and so validate the effects of the cup and handle pattern on the 4h chart. The date for final TPs to be hit could be the 28th of August. Good luck to everybody!
Trading Plan:
23/08/2018: LONG, entry 1.1500-1.1525, TP1: 1.1592, TP2: 1.1690, TP3: 1.1720
Once TP2 is achieved: SHORT, entry: 1.1690 - 1.1720, TP1: 1.1630
Trade active:
The price is making a sideways trend, hence, early LONGs have been placed.
Trade active:
The price made a low at 1.1529. New LONGs have been placed.
Trade active:
The price made a weekly high at WR3 (1.1635 - 1.1640). It was an area where we TPed some of our buy orders. Next stop 1.1690.
Trade active:
TP3 for buy orders was reached at 1.1720
