in 2009 (first week of August) pair rebounded from this level, last week and this week we see bulls trying to take over it, but yet they don't succeed. As bullish trend is exhausting (if not already exhausted) it starves for correction to continue its rise or begin its fall. Any way, 1.37 is strong resistance level (and it is round one :)) and price is near to it, so we can sell some with a short stop around @1.3705.
Comments
ton.nguyen.9277
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sell 1373 sl 13739.tp 1.59what do you think about this!
BoneTrader
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Hello,
If I get you right you mean sell @1.73 with sl @1.739 and tp @1.59,
Well it is 1400 pips win with 90 pips risk, it just cannot be a good idea, no matter how real it looks like!
if you are willing to catch correction you should wait for a stronger signal.
1.73 is strong resistance, but on monthly chart, so I won't expect correction to start till the end of this month, if it is going to rebound from 1.73... Happy trading! :)