If only we spotted this sooner ayy...as you can see price has rejected the 61.8 fib line ( that would have been our initial entry point with stops just above) our first take profit would have been at the 200 and 50 ma lines.
A break of that would have seen us take profit at support level 1.0500
A break of this support will see further downside movement to fib...
So i spotted this late im not trading it but feel more than welcome to.
ABC retrace target is @ -0.27 fib line
price has bounced off the 61.8 fib line as well as 50 ma
Its broken through our resistance line and the 200 ma
Target is @ 0.5000
My over bias has changed on this pair....we do not control the market we can only hope to reflect what may potentially happen. So A,B,C retracement , bounce off the 61.8 fib line, 2nd bounce off support line, break of triangle.
First TP @ 0.6000
Second TP @ 0.70500
OKK SO IM GOING TO BE HONEST WITH THIS TRADE, IVE BEEN AWAITING A BREAK OUT FOR SEVERAL WEEKS NOW AND YESTERDAY I THOUGHT IT HAD. HOWEVER I WAS SO EXCITED I FORSOOK ALL MY RULES OF ENGAGEMENT AND ENTERED PREMATURELY.
I AM NOT WAITING A 'CLEAR' BREAK AND 'CLOSE' OF SUPPORT FOR ME TO EVEN CONSIDER TAKING THINS TRADE.
TRADE SMART NOT OFTEN!!!
Same applies with this pair as with NZD/USD a break of support and an close in second zone will see us take profits @ 0.64000. A Head and shoulders pattern has also formed giving us more reason to believe it will short again