JUST AN IDEA, FOR A QUICK GET IN GET OUT TRADE. I WOULD SAY THIS IS CONTRA TREND WITH LOW RISK REWARD. THIS IS BECAUSE IF YOU TAKE THIS TRADE, YOU ARE TARGETING THE BOTTOM OF THE CHANNEL WHILE PRICE IS AT THE MID OF THE CHANNEL CURRENTLY. USUALLY BEST PLACE TO TRADE RANGES IS AT THE TOP OR BOTTOM.
PERSONALLY I DO NOT THINK THAT THE PRICE CAN BREACHED THE LOWER BARRIER OF THE CHANNEL.
BASIS FOR QUICK TRADE IS AS FOLLOW. D1 PRICE FORMED A "GRAVESTONE DOJI" FOLLOWED BY AN INSIDE BAR THIS TWO FORMED AROUND THE D1 50SMA AND 20SMA. D1 PRICE REJECTED FROM DESCENDING TRENDLINE THREE TIMES BREAK OF A GRAVESTONE INSIDE BAR IS A STRONG SELL SIGNAL USUALLY, BUT ONLY FOR A SHORT TERM MOMENTUM AS IN THIS CASE OUTLOOK IS STILL BULLISH RANGING.
REWARD TO RISK IS 1.5 AT BEST.
SUBSCRIBE LIKE AND COMMENT MY IDEAS IF YOU AGREE OR DISAGREE. HAPPY PIPPING.
99% sure. wow. That's a comment worth upvoting.
Still i wont be in on this trade.
Good luck mate. All the best.
IvanLabrie
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My 99% sure is correct 61% of the time, at least per mql5...but well. :)
Take the trade! Give usdchf a look, maybe you find it more compelling.
PriceActionTrading
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Yes i did gave a look. USDCHF is looking good.
However, i do not trade USDCHF as it is not on my watchlist and is highly correlated to EURUSD (90% to be exact according to mataf).
I trade EURUSD.
If you look at my profile there should not be a single USDCHF idea. Haha. I decided a long time ago that i will not trade USDCHF.
Patterns you can find on USDCHF are also quite present at the EURUSD, why not just trade EURUSD due to higher liquidity.
Just my thoughts.
moneymaking
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Agree :)
plahotya
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I agree with you. USDCAD can go to 1.18
AndrewFx2020
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This could be the beginning of B/C leg of a bearish gartley or crap pattern... I'll jump in on this.
Also, I expect the USD to weaken now, so this should also provide some short term short's.
IvanLabrie
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Agreed, DXY is primed for a decline now, corrective in nature...but a decline and a large one too.
PriceActionTrading
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Alright. i have closed my sell trade at market. not that comfortable sleeping knowing this trade is still on, though profit could be more but i am always on the safe side.
there is always another opportunity lying around. like how GBPUSD and AUDUSD are retracing to my sell zones,
especially GBPUSD.
keep a lookout traders.
subscribe like comment on my ideas if you agree or disagree. or if i have brought pips to you through my ideas :).