After crazy moves on numerous pairs my portfolio wasn't offering much and rightly so when the markets are this volatile!
This is the only pair that may offer a potential position for me at the moment so thought i would share it!
Previous support has been broken and we are now pushing back into this area... Will it now turn resistance?
We have 0.5 Fib Retracement, 2x 1.272 Fib Extensions, 1.414 Fib Inversion and Harmonic Legs drawn on the 1H TF...
If price prints a good entry signal we may be able to get a good Risk Reward profile on this trade looking for targets to retest previous lows...
As always your support means a lot so continue to hit that like button, comment and give constructive feedback!
SMART TRADING
Comments
asiansupermarket
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I agree with your S/R zones, price is sticking between 120.19- 119. 91
I don't agree with a short @ the resistance level though; I would rather trade the breakout for huge R/R. Let it break out and set the stop just out of the zone I mentioned.
SmartTradingFX
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Asiansupermarket, Firstly thank you for your comment!
I am a structure based trader who looks for this first and foremost... This is a key part of my trading plan! I have never traded breakouts like you mentioned and i am intrigued to why you think this pair will breakout right now?
asiansupermarket
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Based on recent history around these price levels there have been sharp moves. The breakout play works for the majority of the theoretical entries along this trend, so the odds are favorable.
asiansupermarket
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It looks like the downside bet is the way to go for me.
I don't agree with a short @ the resistance level though; I would rather trade the breakout for huge R/R. Let it break out and set the stop just out of the zone I mentioned.