- Mid 1.64XX is the 61.8 fib level of the recent upswing, which is also where the green trend line is (projected trend line from the top and a real trend line based on lows) - Low 1.64XX is where the red trend line is (projected trend line from the top and this also represents the same drop as we had previously of 411.4 pips).
I would put a hard stop loss at 1.6350/75, don't bother lowering it past this point.
Target 1: mid 1.67XX region Target 2: previous high at 1.682X Target 3: 1.7000 (ultimate target)
PS: For the record, I didn't catch the mid 1.65XX bounce of 100 pips, it didn't hit my pending buy order. However, after it dropped, I did get in at 1.6535 but I exited for near break even and decided to wait for lower.
Comments
digitaltradingfx
⋅
I am surprised you didnt take this it was a no brainer too much confluence and considering the fact that the fact the dollar was already weakening against its other counterparts, I guess better safe than sorry, anyway I took it before I saw this and this further reaffirmed my long bias.
ForexWeeklyAnalysis
⋅
I didn't trade this one but I hope some of you guys did, you'd be sitting on a cool +100-150 pips right now.
digitaltradingfx
⋅
I am surprised you didnt take this it was a no brainer too much confluence and considering the fact that the fact the dollar was already weakening against its other counterparts, I guess better safe than sorry, anyway I took it before I saw this and this further reaffirmed my long bias.
ForexWeeklyAnalysis
⋅
On any given week, I watch between 20-30 pairs and then I pick 10-15 to trade, this was one of them but my pending long was in the low 1.64XX region, which never got hit. I don't have any regrets, there's lots of trades to come.
digitaltradingfx
⋅
Very true, better safe than sorry fruitful pips week ahead :)
digitaltradingfx
⋅
Good analysis it is also good to note that there is a hidden bullish divergence signalling trend continuation, furthermore the fib line furthermore the bounce of 61.8 is a strong indication that it is poised to continue its uptrend.
I have a feeling the 1.6250 level 'may not' hold so I edited it out of the original post. Hard stop loss is now at 1.6350 instead, no point for wide stops. When the time comes, I'll post an updated analysis on the potential downside risk showing why 1.6250 'may not' hold.