In a previous post on this pair (see Related Ideas section to find it), I had completely called the price action correctly.....except I didn't! I goofed in trying to call for a retracement waaaayyy too early and suffered for it ass prices just blew right through my SHORT trade! Well, that's why I use stops!
So here we are, prices are still lingering within a MAJOR structural zone dating back to 7 years ago. And (on the DAILY TF) prices are oversold on the and begging for relief! So do we now say a top is in and call for a SELL?
In a word: NO! Not just yet. Another push up and then...maybe. The mistake I made in my last post was underestimating the overall strength of this trend. And boy! Is it strong! In order to be able to push through this MAJOR SR Structure, it has to be. Also, as always, keeping in mind the bigger picture in which I called for a HUGE MOVE up still to come in this pair, I should've known that there was more upside to come and not to be so fast in calling for a retrace. Also in the previous post, remember this baby I posted?
Yep, another and it's looking more and more like prices are headed that way! And it's still a long ways to go to get to that D point! I'll get more into detail about that in a separate posting. For now, let's concentrate on the here and now and this pattern.
The main chart pretty much says it all in what many signs point to another push up. But this time, it will have to push right past the last MAJOR SR structure high to get there. Will it? Odds are yes. It will. But the question is: what will happen after it does (if it does?)? We'll just have to wait and see.
For now, I am going to play this LONG and see what happens. As you can see on the chart, my LONG trade idea is pretty low risk and it' would be a trend trade so there's more confidence to it. Incidentally, in another post on AUDUSD , I am also calling for another push lower. Since this pair and AUDUSD have very high correlation (+97%), it only makes more sense to see another push up here.
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