I rarely ever go near this pair but recently i'm starting to think I should.
Tomorrow is NFP so trade carefully but I really am banking on USD weakness after weeks and weeks of the economy seemingly being propped up out of nowhere. Despite the issues the USA are facing with their handling of (the C word) and the fact that its left over a million in America completely without jobs which in my eyes makes USD pairs especially ones that have rallied to high resistance levels and rejected on the higher time frames to signal this USD bull run coming to an end finally.
I've caught a few pips especially given these hard times where I would imagine alot of scalpers thrive.
Anyway simple enough setup I am looking for more than the 85 pip TP shown in this trade idea in the long run but I have a 30 pip stop setup here should price decide to move back up into the triangle which it has seemingly broke out of and then retested on the lower time frames to allow me to at least get one entry on this move.
My alert for my sniper entry was placed 10 pips too high and that would've allowed this trade to already be 30 pips up but nevertheless I have taken my first short position now.
If I get stopped out for 30 pips so be it the move is too tantilizing to turn down with my second target being 150 pips and my third overall target sitting at around 450 pips.
For the sake of a 30 pip stop and the potential for an even better entry going into tomorrow and next week in my eyes is worth it.
Tomorrow is NFP so trade carefully but I really am banking on USD weakness after weeks and weeks of the economy seemingly being propped up out of nowhere. Despite the issues the USA are facing with their handling of (the C word) and the fact that its left over a million in America completely without jobs which in my eyes makes USD pairs especially ones that have rallied to high resistance levels and rejected on the higher time frames to signal this USD bull run coming to an end finally.
I've caught a few pips especially given these hard times where I would imagine alot of scalpers thrive.
Anyway simple enough setup I am looking for more than the 85 pip TP shown in this trade idea in the long run but I have a 30 pip stop setup here should price decide to move back up into the triangle which it has seemingly broke out of and then retested on the lower time frames to allow me to at least get one entry on this move.
My alert for my sniper entry was placed 10 pips too high and that would've allowed this trade to already be 30 pips up but nevertheless I have taken my first short position now.
If I get stopped out for 30 pips so be it the move is too tantilizing to turn down with my second target being 150 pips and my third overall target sitting at around 450 pips.
For the sake of a 30 pip stop and the potential for an even better entry going into tomorrow and next week in my eyes is worth it.