I'm a little late on getting this idea posted, but we had an abundance of advanced pattern trading opportunities setting up as my live trading session came to a close. Some have since rallied and some have been stopped out. This particular one is still at market and for those who like to take more of a conservative approach, may be putting in a retest of structure in the form of a double bottom. Take a look at the RSI as well, significantly oversold.
I've been doing a lot of work with this pair over the past month or so and this pattern happens to be in line with my underlying prediction for the pair. Coming back into previous outside returns provides a nice structural level to place stops. Hopefully we'll see another bounce off of this area and make our way back up to the 53 even handle.
Funny you mention that pair. We spent a lot of time in yesterday's live room session breaking down the pro's and cons of that trade. I REALLY liked a sell on the daily because of the close. But on the 4 hours, we had the HHHC. SInce I don't execute trades on the daily...yet I couldn't enter. i wouldn't enter now, but I think it still has at least a little lower to go before we hit another decision point.
TheBestMA
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Hi akil, also we have 50 day MA support at this level. Keep going high, thnx a lot.