So here's a possible play. I have here a POTENTIAL that would complete right to the pip of the .886 retrace of the last impulse leg down from the high established back on June 5th (125.846). This confluence is a good chance to catch the retrace back down to the just broken previous structure where...tada!....can get LONG again!
You can play this SHORT back down to the structure BUT if you do, the trade MUST be actively monitored as you would be going counter-trend against a STRONG uptrend. Not recommended except for those with a death wish! Ok, maybe not so dramatic but if you do, set S/L tight and be nimble with fast fingers!
In addition, this is well within the PRZZ of the larger COMPLETED . More fuel for this trade. Actually, if you are already LONG on this pair, this may be a a level to take off some of the well-earned profits you already made and go buy yourself a beer! You deserve it for catching that move!
I actually will take the SHORT trade as I think it may turn out to be a good trade. I'll dive deeper into this pair and see what's really going on but for now, this is the next opportunity.
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