A bullish bat pattern has completed on this pair and a .382 retracement would take us right back to the previous support shelf that has been proven strong and that should now become resistance. Hence I don't think that we can get more out of this than a retest of that level.
As it is a bat pattern, RR is good, stops below 1.5189, I would even suggest a 1 ATR stop @ 1.5170 as we are trading a pattern on the 240 chart.
Good luck and may the pips be with you.
Comments
jangseohee
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if the horizontal breaks, we might see it to the bottom of channel?
Nico.Muselle
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A very possible scenario, although I don't think it will break the horizontal line without a struggle as there has been some support/resistance in the past as well. A further downtrend is very likely though as your channel suggests :)
UnknownUnicorn168204
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Loving this find Nico, well respected! Keep it up :)
Nico.Muselle
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Thank you for your supportive comments, really appreciate it and it motivates me to continue posting trading ideas !
cuteali13
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5340 last move then back to 4800 side
TaiwoOkanlawon3a
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do think non-farm payroll can send it down one more time before going up?
Nico.Muselle
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Hi, the NFP could have disastrous effects on this, so for sure I am not entering a trade on this pair before the dust on NFP has settled down and we get a clear vision on what could be next. :)
TaiwoOkanlawon3a
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Hi Nico,i started following two days ago and with your predication.i think i can recover my loss from binary option.Do you have a website or article i can read.Thanks
Nico.Muselle
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Hi, thanks for your confidence in my ideas. As I am pretty new to trading myself (actually still demo trading), I do not have a website (yet). Plans might go in that direction once I start trading live though. I'm glad you follow me, but do make sure you do your own analysis on the ideas that I post.
As far as trading education is concerned, I myself did a professional trading course which I am very happy with, now I'm just putting this knowledge into practise in my day to day analysis and trading setups. It's an approach I would strongly advice everyone to take before risking money in the markets.
Nico.Muselle
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*UPDATE : the pattern completed but showed no clear sign of reversal so no trade was entered.