15MAR18 LONG POSITION BUT NOT GREAT REWARD TO RISK
ITS ALL IN THE HEADING, This one is for those needing to make rent on time. Its looking good but reward to risk would prevent me personally entering the trade. You always want a decent reward for the money your risking. This trade doesn't have it. Its purely the quarterly, monthly and weekly charts that are aligning that is telling me this pair continues higher to the 96 cent level.
"Whats the play" well, we want the retrace to one of the T lines to occur preferably about the 94 cent level and then get long. Confluence on the daily includes our golden cross which occurred some time ago. Aligning time frames. THE TREND UPWARDS ON THE DAILY. We may get the fib retrace happening here, .382 looking at recent pull backs on the climb higher. Watch those lower time frames for more accurate timing. Day traders are more likely to get the proper 3:1 reward :risk profile minimum we want. As i say i would not enter this personally. But this is the sort of thing to look for, stack the chart in your favour, dont force what is appearing on your chart. This is the art of successful trading.
"So what would i enter on" I would be waiting for the 96 cent level which seems to be a rock solid level on the weekly chart, never allowing price through. Then we look to get short. Maybe price gets to 96.5 cent level.
SOmeWhere tHerE.
"Whats the play" well, we want the retrace to one of the T lines to occur preferably about the 94 cent level and then get long. Confluence on the daily includes our golden cross which occurred some time ago. Aligning time frames. THE TREND UPWARDS ON THE DAILY. We may get the fib retrace happening here, .382 looking at recent pull backs on the climb higher. Watch those lower time frames for more accurate timing. Day traders are more likely to get the proper 3:1 reward :risk profile minimum we want. As i say i would not enter this personally. But this is the sort of thing to look for, stack the chart in your favour, dont force what is appearing on your chart. This is the art of successful trading.
"So what would i enter on" I would be waiting for the 96 cent level which seems to be a rock solid level on the weekly chart, never allowing price through. Then we look to get short. Maybe price gets to 96.5 cent level.
SOmeWhere tHerE.