traderjuan1

This pair has formed a bearish head and shoulders formation on the 1hour time frame. It also shows bearish on the daily. Going short on a counter trend line break on the one hour chart, possibly around 1.5500.

From the monthly time frame we see this pair in a clear down trend. Therefore I would take only short trades on this one. Looking to go short when oversold, clear break of counter trend and maybe a high uturn candlestick pattern. Perhaps around 1.4440 Profit target would be weekly pivot at 1.4268 stop loss 15 pips above high of uturn at 1.4459 Reward: 170 pips

Looking on the monthly time frame for this pair, I see it is in a clear uptrend therefore I would only take long trades. Using the weekly pivot point as a target I am going long on this pair however I'm waiting for a clear bottom before my entry.