With over 500pips in our direction since my last publication (see link below for reference purposes) on this pair, we continue to trade back and forth in a range which appears to be forming a Reversal structure.
Tendency: Downtrend ( Bearish )
Structure: Wedge | Supply & Demand | Reversal pattern
Observation: i. The appearance of a rising wedge after price hits peak @ 1.31500 at this juncture in the market is suggesting a possible reversal in the nearest future.
ii. Wedge Breakdown in the following week(s) is a signal to look out for entry options.
iii. It is worthy to note here that, my Demand zone is an area to be aware of this week for any Engulfing Bullish candle that might suggest an uptrend continuation.
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 6 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Wedge | Supply & Demand | Reversal pattern
Observation: i. The appearance of a rising wedge after price hits peak @ 1.31500 at this juncture in the market is suggesting a possible reversal in the nearest future.
ii. Wedge Breakdown in the following week(s) is a signal to look out for entry options.
iii. It is worthy to note here that, my Demand zone is an area to be aware of this week for any Engulfing Bullish candle that might suggest an uptrend continuation.
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 6 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
