After a "trap" down, the sterling looks like a little hesitated at this moment, considering it has a very strong up movement last week, thus i would expcet this up trend will still continue, take a long shot with nice risk reward ratio.
this is the trade i am in already, as to me, techinicaly, there is a double top on the chart, and perhaps it is making the right shoulder as well.
i would bet on this larger than 1:4 risk reward ratio trade.
and the stop loss is little above the current level.
On Friday, i just short the gbpaud, which is at the 78.6%, and also in line with the Gartley pattern.
The drawing of the Risk Reward Ratio, is only an indication, doesn't mean that my stop loss is exactly at that level, i use it for calculating my position size only. but, if it breaks that level, i will close my trade.
I just short the nzdjpy pair based on the previous structure, mainly becasue i see the price actions become weak at current level. and if we check the usdjpy, very potentially, the jpy will get stronger in the coming days, however, the nzd will be something different.
if we look back to the price 'journey' for this pair, which is from 76.00 level in November, i...
I would like to buy this pair on the current level with a tiny stop loss.
as to me , the 1.9080 lvl is still effective, and based on the price action these days, a retrace will happen soon.
however, an impulsive wave towards downside will invalid the setup.
Just got this trade, as i think the previous support may still have influence at this level, and judging from the price action, which confirmed my idea. therefore, buying becomes much reasonable now.
Just got this trade, as the price moves to the previous high, a retrace may happen, i would like to short the usdjpy now, and also, as i short the eurusd as well, so i would also like to short the eurjpy.