Price broke both the recent range, a key support & 1.16000. This indicates a test of historic consolidation which will now turn into support at around 1.14812.
Price then can follow the arrow prediction or correct back above 1.16000.
I consider any price action below 1.16000 as an indication that price will head lower to potentially test 1.11000.
Two options here, the first is my preferred which is to wait for price to head up into the red zone and then to sell. The second option is to sell when price breaks out of upward symmetry which is when it trades below 1.30000.
My prediction is a decline into the green zone, where price will the head for 1.30000, as it already tried to break 1.29000, I an inclined to believe a more ambitious test at 1.30000 is on the cards.
Likely entry at 1.27000 targeting 1.30000.
Currently short, price has failed to break above the upper structure zone (red box) and problems in Spain helped it drop Friday PM.
The long term trend is downward so technicals and fundamentals are aligned to the downside. I expect a correction upwards at 112.000 where price would have to break into a new structure to go lower.
Price action above 115.500...
I was nervous on this one as price nearly reach the stop loss at the top of the red zone!
We are now in profit and instability in Spain is looking to keep investors spooked which should benefit the safe haven Yen, I am skeptical on the longevity of this short option however I expect that we can take 50 pips for target 1, move to breakeven and let the other...
Another good trade with target 1 hit and a total of 100 pips on the board for this week. Target 2 and beyond continue to run as stops have moved to breakeven removing any risk from this trade.
For how this trade was found, analysed and managed see the linked idea.
Target 1 achieved with 50 points now on the board from entry 1. Additional entires continue to run towards 0.92500.
Stops can be moved to break even to protect the trade, profits banked, all in all a good trade for us to start the week!
Please see the linked ideas to discover more about how I spotted, analysed and set up this opportunity and thank you all for...
The Dow Jones just won't stop rising and so the bias is a buy.
Opportunities to buy are short right now as ideally you want to come in on a correction structure with the closest one at the 23000 level. After that the Fib levels are some way lower so you'd need quite a decline to get in on a correction. Luckily President Trump is prone to causing world wide fear...
Buy the break a 7596 or sell a failed re-test. The ranges are highlighted. Stock markets make little sense these days so I'm long as the buyers keep on calling the shots.
My Trading Rules - How I identify trades, define my edge and manage the commercials:
First I define my 'edge' which simply means a set of circumstances that indicate one eventuality is...