I am going long to 101.25 with a stop at 100.45.
2016Sep22 I am going long to 101.25 with a stop at 100.45.
The pair has just retraced to the 38.20% fib level and will likely come very close to the 61.80% fib level (to the left) on their climb up.
The pair has just retraced to the 38.20% fib level and will likely come very close to the 61.80% fib level (to the left) on their climb up.
Comment:
Be sure to move your stop up. If worse comes to worse you will not lose money. I generally move my stop so as to make at least a little money in case the trade fails.
Comment:
Well, the trade made it to 101.24 which I will take as a win since I moved my stop up. It could still reach 101.25, but I think it unlikely since the RSI is in an oversold state.
When the pair nears the target and the RSI indicates an oversold or overbought condition I pay close attention to the 5 min. chart. In this case there were no less than 3 bearish candles. if you are still in the trade I would advise you exit now and take whatever profit you have.
When the pair nears the target and the RSI indicates an oversold or overbought condition I pay close attention to the 5 min. chart. In this case there were no less than 3 bearish candles. if you are still in the trade I would advise you exit now and take whatever profit you have.