Potential Re-test and Bounce from 136.500
The past two weeks closed as bullish pin bars each rejecting 136.000 and pushing up.
This week price opened and pushed up to 137.700ish which was a 4 hour supply zone then rejected and dropped down to 136.480.
My idea:
Since price is channeling up, 136.500 might be a good level to propel this weeks candle up.
And if we push up, we have multiple levels to break out ( 137.100, 137.500, 137.700, 138.000, 138.200 ) from before moving to the next zone, the way up might be choppy.
I waited for a 30 minute rejection at 136.500 then got in as price was creating a liquidity wick to push up but price kept dropping down so i added another position at 136.534 with a 20 pip sl.
For my TP, the H4 resistance zone at 137.100 seemed like a very good profit target since swinging hasn't worked for me when trading GBP pairs, it was a safe bet to collect small chunks of the move as prices shift directions very frequently.
Since this pair has played around with me, i'm going to be extra cautious with my profits and risk exposure.
This week price opened and pushed up to 137.700ish which was a 4 hour supply zone then rejected and dropped down to 136.480.
My idea:
Since price is channeling up, 136.500 might be a good level to propel this weeks candle up.
And if we push up, we have multiple levels to break out ( 137.100, 137.500, 137.700, 138.000, 138.200 ) from before moving to the next zone, the way up might be choppy.
I waited for a 30 minute rejection at 136.500 then got in as price was creating a liquidity wick to push up but price kept dropping down so i added another position at 136.534 with a 20 pip sl.
For my TP, the H4 resistance zone at 137.100 seemed like a very good profit target since swinging hasn't worked for me when trading GBP pairs, it was a safe bet to collect small chunks of the move as prices shift directions very frequently.
Since this pair has played around with me, i'm going to be extra cautious with my profits and risk exposure.
Trade closed: stop reached:
Got Stopped out by the heavy bearish momentum brought by Carney's comments. For now i can't figure out a direction for this pair. Looking to see a possible rejection around 136.000-136.150 to push back up otherwise i'm washing my hands from this pair until a stable flows comes back.