See trade above for a reversal strategy on the selected pair
We are over extended to the downside approaching a key long term supportive price of 72.500
We have deceleration at this point and a doji formed on the daily chart
Entry Triggered @ 73.250
SL : 72.250 (100 Points)
TP : 75.000 (175 Points)
Please remember to only risk 1% of your trading capital per trade, this strategy has a 68% strike rate which we allow to play out over time, so again please do NOT risk more that 1% of your portfolio per trade.
We also have so added confluence of the key fib line matching up at the 72.600 rejoin to give extra support.
Good Luck Traders.
I will update as we go...
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We have a break out of consolidation zone from last week to the upside,keep an eye on the pair as the fib extension and longer time retracement meets up which could give some resistance, still keeping TP @ 75.00 until further confluence that this may act as resistance
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See image of 4HR view, we have just broken the 4HR 50EMA
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The position is up 0.7% and 70 points, bring SL to break even, 74.00 is the next resistance