Earlier today, I sent out the signal that this could be a possible Head & Shoulders pattern forming, but this could also be a Cup and Handle pattern as well. If this is the case, we are looking for a long opportunity. Plan accordingly as we have two possible road maps.
Lets watch this daily candlestick and see if we can end up closing the gap some more, or if it even gets into the red. Unless you are already in this trade, my advice is to wait for confirmation and then enter the trade. This could be the beginning of a nice multi-day down trend that we can cash in on.
This trade setup is already way below the 10 day EMA. The opportunity to sell this setup and maximize profit would be to allow the price to touch the 10 day EMA line again. Wait for the right opportunity and you could cash in big on this trade. As I always say, patience is key, so do not jump into trades prematurely. Also, minimize your risk at all cost.
We are looking for a multi-day trade setup that could possibly be lucrative here. The best time to sell this pair is now as it has come back to touch the 10 day EMA. As long as the pair stays at this level or starts to retrace back down, this is a good idea. Keep this on the watchlist and lets make some money. If the pair does not respect the 10 day EMA, DO NOT...