Possible Inverse Head and Shoulders; price is grazing the 61.8% key fib level in the market from the last swing high to swing low points. Long term take profit area 14.6. Watch for reversal pattern and moving averages on the daily. Trade at your own risk. This idea is for demonstration and educational purposes only.
Trade active:
For educational purposes, note the moving average on the daily time frame..we see that there is indecision present as price approaches the 200 and 50 MAs. Always protect your profits and watch price action. How does price respond to certain levels/areas in the market. If we see strong bullish momentum beyond these moving averages I will be more inclined towards bulllish long term momentum. See below. I am still in this trade but my profits are protected.
Trade active:
We are in a very strong area of support; I also see a bearish pennant forming, in which case we can see a bearish push to the downside. If price breaks through this area of support we could see price hit lows. Watching price action is key; It's important to enter into this pair at key levels in the market where you have the best probability of reward.
Trade closed manually:
As per this morning's comments, in watching price action we could see bearish momentum; closing with profits is better than losses. Continue to watch price action around key levels in the market. Look for the best position in the market to enter at key levels.
Trade active:
We got the bullish movement I have been looking for! Often times we have to exercise patience and wait for confirmation.
Trade closed: target reached:
The buyers appear to be exhausting around a key level in the market. I would take profits, or at least take partial profits and protect the profits you have.
