With this pair I see increasing bearish sentiment in the market and a potential descending wedge formation, afterwhich a possible bull run based on market structure. Price attempted to break structure but the bears were standing by ready! This idea would mean price would respect a few key areas in the market (61.8% fib level as noted), as well as trendlines on higher time frames. Trade at your own risk and always use proper risk management. This idea is for educational and demonstration purposes, and is not a signal.
Comment
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Update of wedge prediction. More exact. I'm anal like that..lol We could see one more push to the upside, but the bearish sentiment right now is standing out to me at the present time.
Trade active
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Conservative traders can wait to see if price breaks or bounces from the trendline. We could see another push to the upside as an option.
Trade closed manually
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Taking my profits at this point because of price action. You can Continue or protect your profits.
That's what I had too. Staying out til it shows its hand
mrsceleste
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@staringatskyline, hey there friend! Yes yes yes. I can't stress this enough. No gambling or guessing trades. Oftentimes the best trade you can take is none at all. And with this pair you really need to look on the higher timeframe and enter at only the key levels. Where you enter truly matters with this pair and all pairs
staringatskyline
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@mrsceleste, exactly. There is a new opportunity every day because there are so many pairs. Best to only trade the great opportunities and stay out of everything else.
UZAR moves fast. That's what I like about it. But if you guess wrong, it can eat an account fast