Looking to buy this going into tomorrow's session with expectations of a bullish week. Reasons:-
Last few sessions have given us a triple top formation at 141.2
Last 3 daily sessions green/up (3 soldiers pattern!) suggesting break potential
Higher lows/higher highs suggesting steam running out with sellers
Bullish trend/momentum going back to September low
JPY pairs across the board looking up suggesting Yen weakness
Previous high at around 142.6 not far from current where stops may exist
A break above 142.6 could send this higher given a fair amount of liquidity upstairs
Long plan:-
Entry around 140.8 - 140.9 through a tag of 4hr 21 MA (5 candle offset to forecast future trend) or a Fib pull back (perhaps 38.2).
Stop below 2 previous session's low at 140.1 - 140.3 any lower than this and it's breaking <140 where likely multiple stop orders exist and effectively the plan is void turning into bearish sentiment.
First TP at break of triple top around 141.9 or 100pips. Second TP at break of previous high through momentum push up to 143.6 or 250-270pip. Potential mid scenario at 142.60 but unlikely in my opinion given these things always go further than expected!
This pair is extra volatile and completely understand the stop is very small in comparison to the TP but we're in the business of risk! Use a smaller lot size? All the best.
Last few sessions have given us a triple top formation at 141.2
Last 3 daily sessions green/up (3 soldiers pattern!) suggesting break potential
Higher lows/higher highs suggesting steam running out with sellers
Bullish trend/momentum going back to September low
JPY pairs across the board looking up suggesting Yen weakness
Previous high at around 142.6 not far from current where stops may exist
A break above 142.6 could send this higher given a fair amount of liquidity upstairs
Long plan:-
Entry around 140.8 - 140.9 through a tag of 4hr 21 MA (5 candle offset to forecast future trend) or a Fib pull back (perhaps 38.2).
Stop below 2 previous session's low at 140.1 - 140.3 any lower than this and it's breaking <140 where likely multiple stop orders exist and effectively the plan is void turning into bearish sentiment.
First TP at break of triple top around 141.9 or 100pips. Second TP at break of previous high through momentum push up to 143.6 or 250-270pip. Potential mid scenario at 142.60 but unlikely in my opinion given these things always go further than expected!
This pair is extra volatile and completely understand the stop is very small in comparison to the TP but we're in the business of risk! Use a smaller lot size? All the best.
Trade active
Trade active:
Going well, set trade to breakeven
Trade active:
First TP reached! 141.95
Trade closed: target reached