The pair is currently in an up trend off from the lows of the recent impulse, while this up trend is seen as part of a larger corrective structure, even if we are not to start a larger degree up trend there is plenty of room to the upside for a good long, the structure is still taking shape and it is too early to predict how it will look like but we may end forming a triangle if we are not getting a big reversal of the main down trend.
Note: What to do if it doesn't break out to the upside? Nothing, as there won't be any trade taken. You should enter longs only when it breaks according to your strategy.
IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit thepiphunter.com and subscribe.
Comments
Najib13th
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expected area mate?
piphunters
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150 area
Najib13th
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thanks mate :)
piphunters
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you are welcome
Najib13th
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but...are u sure?150 is too far...or just because u say that is because bullish mode just turned on in this pair??
piphunters
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that's the assumption made and this pair has the capability to move that much pips in less than a week, I can't be sure since it's not me who is moving the markets so I never say I am sure. :)