This pair is in a trending channel. Notice the resistance at 112.135 level. The market is in a choppy phase or efficient. I am expecting a imbalance in price or an extreme move in the upside. I suspect smart money is pairing orders and breakout traders will pile in to run price higher.
If price breaks and closes above 111.955 level I'm long. I will post a 4 hour chart why this level 111.955 is significant in my view.
Target 114.550. If price moves in my favor, the red x is where i will be cutting off position and trailing my stops.
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Its more like breakout in a trending continuation strategy..
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News!
BOJ outlook report
monetary policy statement.
This could be the catalyst and needed volatility to push prices higher.
BOJ outlook report
monetary policy statement.
This could be the catalyst and needed volatility to push prices higher.
Trade active:
Market order buy @112.005
Comment:
Target 114.550
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Wide stop @ 110.846
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The reason behind having a wide stop. Market run lower and raid stop at yestersday lower 111.655 level
Trade active:
Cut off 70 % off my position. Its looks more like a false break to me. The dollar also nearing its weekly fair market value. The best advise I've picked up over the years listening to many of veterans traders, one thing that kept coming up was if it doesn't make sense to you or not going as your expect cut off your position or close the trade and look for other opportunities.