Hello traders, have a potential trade on this pair. As we can see that the price broke the previous trendline convincingly, creating a bearish divergence on the pair. The move up in the past 2 weeks also created what i think is the cd leg which would complete at the supply above. However i do expect some retracement on this pair till the 0.978 area before continuing its move up the supply and the completion of the two possible ab=cd patterns. On completion a big sell can be expected.
PLAN
The plan for this particular trade is to either buy at he structure level below around the 0.978 area all the way up till the supply. I wouldnt be surprised if the price just goes to the completion area without any hesitation or retracement so my plan B would be to sell from the top
Also to keep in mind is that on smaller tfs we can observe that price made a bullish flag chart pattern which might take the two ab=cd patterns towards the completion so better bet would be to sell it from the top
Cheers
*NOTE* For some reason i cant edit my view whether this is a long or a short after posting the chart, so would like to say i am neutral for now and would like to see how the price reacts when the market opens
Am now betting on a strong short at around 1.00473 to 0.88764
AkashGaur
⋅
This is my first year in trading so dont really knw how day light savings would effect it
however i do believe that shorts over 1 might be possible
Bone-Collector-444
⋅
end of daylight saving eliminates i hour from the market and this can result in faulse signals. thats why i wont take the risk. This effect can either work for you or against you.
Bone-Collector-444
⋅
if Price retraces to around 0.97237 ill be taking a short position at 0.99854, and if prices bounces at around 0.98472 ill be looking foward to short at 1.00473. what do you think?
AkashGaur
⋅
thats a good plan.
Bone-Collector-444
⋅
Thanks, lets see how the trend unfolds. I also think that if trend shorts at 0.99854, there will still be a pending bullish move at around 0.94000.
Bone-Collector-444
⋅
Due to the daylight saving effect (early closing and normal opening), ill not trade this month. This may blow up trends