As one of my clients showed me yesterday there was a chance to get involved in the initial break of support & retest yesterday, but with us being in a heavily on the higher time frames, I wanted to make sure that this wasn’t just a simple retracement of the bigger move. Now don’t get me wrong, this particular setup can easily be a complex pullback as well, but I do have a much better potential risk to reward setting up here if I can play my cards right.
The presence of a new 3-legged formation (SP-ISH-OR-NSL) gives me a little more confidence but I still want to be cautious and look for the right reason for entry. If we do continue , I’m not expecting a full reversal, but with the trend looking as if it’s running out of steam on the daily, we may be in for a deeper retracement. See many of you in the Live Trading Room!
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Chief Currency Analyst
Akil@Tradeempowered.com /@AkilStokesRTM /
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