Have been watching this develop over the last few days and now waiting for the breakout above the shoulder line.
For a more aggressive entry, wait for the BCR of the hourly 50 and 200 before taking longs to about 1.18900. Should this negotiate the trip wire at this level, i see no reason why it can't continue to the s and d level at about 1.19700
Golden crosses about to form on the 15min and 1 hr charts adding confluence
rr about 1.3 to 1 for first TP and 3 to 1 for second TP
As always, risk shift will strongly determine the outcome of this idea.
Would be interested to hear any comments,
Renaldo holder1 hours ago
Break Close Retest
Wait for Break close and retest of the trendline for confirmation to the down side. EJ has failed to break above the 50% pullback of the previous momentum downward. Also this level corresponds to a major daily resistance. With market sentiment in risk off mood, the bias is there to the downside to the TP of 122.400. Nice risk to reward ratio. Good luck guys.
Renaldo holder2 hours ago
Possible Naked Trade
See the instructions on the chart. Nice risk to reward ratio. MArket sentiment risk off should support this trade in term of directional bias. There is a TP2 @ 112.200 if TP1 is hit, I will be placing my SL at TP 1. Good luck
FxNovi3 hours ago
Bullish Engulfing Bar at a level of significance but not a new low.
Possibly period of risk-off is why I have gone with this.
Entry Buy Stop Order at 1.32280
Stop Loss at 1.31000
If TP1 is hit at 1.33626 move stops to break even. TP2 at 1.35000