Thanks to 'The working trader' for bringing this up. This is my own take on this pair.
The chart shows the time at mode bullish setup I'm looking at for entry. I suggest buying the dip if possible.
I'm seeing potential for a very large move to the upside, favored by an uptrending rgmov, completion of the downtrend signals in the recent decline reaching a 0.786 retracement of the previous rally, which looks like the retracement you'd get after an impulsive rally culminating in an extended fifth wave.
The fundamental landscape, paired with the multiple correlated markets influencing this currency pair make me rate this trade as too good to ignore.
Hey, go figure, I was right here. The steep retracement scared me out.
IvanLabrie
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Price back at support. The long would have worked decently enough with a trailing stop.
Might head down from here if crude rallies some more.
IvanLabrie
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Working very well.
ElPatron.Y
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Did you enter?
IvanLabrie
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Now's the time if you want to give it a try.
I'd close partially when retesting the previous high.
ElPatron.Y
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I am thinking about entering it, but i'm not sure about the timing now.
ElPatron.Y
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That this pair will be bullish is one thing that is 100% sure, if you look at the symmetry.
IvanLabrie
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Having 100% trust in one trade is never a good idea, keep that in mind.
I wouldn't risk more than in any other trade.
ElPatron.Y
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That's true but looking for a in my opinion better entry doesn't say that one should have 100% trust in one trade. At the other hand it is GOOD to have trust in your analysis..