This pair over the past year or so has had a major bull rally but we have seen this start to slow down. It has made 3 lower highs in a row and this to me looks quite bearish. Plus we have some candle conformation with those 3 highs all looking like shooting stars or not far off them. So i would place my stop somewhere a little above this trend line i have drawn and my price targets are somewhere around the 118.311 major resistance level. This trade has great R&R and there are a lot of pips to be made.
hi David, I like this analysis however if you look slightly further back to December 2014 the pattern looks more like a symmetrical triangle which could be continuation or reversal. December to February also had three lower loads and eventually broke higher before returning to consolidation, although I like your thoughts I think I will wait until the triangle breaks before committing to a trade.
david.cummins.581
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Yeah i kinda agree, im just a bit aggressive at times i think. Seems to have paid off though!