The second one:
This pair is clearly in an uptrend, marked by the green , with price action touching the 4 different times now. Since the break above the 200 we have not seen a lower low, and price action has consistently been making higher highs. The price action on this pair has also been respecting fib retracements to the T, usually around 50% is where the reversal has been taking place. With that being said, I am expecting this pair to run up to around 1.34000 and retest the highs on the higher time frames. As per the previous pullbacks I am expecting the reversal and the momentum to enter in around the , however the 38.2% fib retracement, 50% fib retracement, 61.8% fib retracement, and the are all potential pullback destinations and reversal zones. To ensure the least amount of risk and the greatest amount of potential for this trade I will be waiting for the momentum to enter into the market AFTER the pullback has occurred. The upside move should, at the very least form a , and potentially see new structure highs near the weekly of 1.33850.
Please note the following rules below for entry to the upside:
Price action remaining above the
Price action picking up some upside momentum, reversing to the upside after a pullback to either the 31.8% fib level, 50% fib level, 61.8% fib level, or the
Enter on momentum breaking out of the pullback channel
Profit whatever you can get, but keep in mind the possibility of a . If that previous structure high is broken 1.33850 is a weekly and therefore the final upside target for this position.
Stop loss at around 1.31000
This trade will lose its potential if the first rule becomes no longer applicable. For example if momentum pushes price action substantially below .
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