Trading this pair is very tricky. I posted a long term setup but this is my alternate plan using one of my favorite setups : convergence divergence combination on D1 and H4 charts:
1) after a clear rally price makes it first convergence on D1 chart. 2) then price makes a correction forming a divergence on H4 Chart (shown below).
We can see also the 0.8860 fib level at that area.
This setup is very reliable and offers a R/R ratio at least 1:2
Best regards
*****************DISCLAMER******************************************************************** This is just and idea, not a recommendation to buy or sell. Always do your own analysis before opening a trade. Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action. Any respectful and constructive ideas are welcome. We all are here to learn sharing ideas, have fun and improve our performance.
Comments
FullTimeTrader
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h4 chart
ChetanFX
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Looks like 176 is the next target. Good job!!
FullTimeTrader
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Hello, as i said i took profits too early after the china crisis, a lesson to learn!!! we must alway follow our plan
ChetanFX
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yes, completely agree..I took short from 193.5 and added more at 195 for target 186 and now I see it was my mistake to exit too early..
PriceActionTrading
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I exited my GJ close to BE due to range movement. Will wait for confirmation of trend after close outside the big D1 "doji".
FullTimeTrader
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i think we could be starting a huge correction, so you can join it after your confirmation