My last trade didn’t work out -36 pips. I am cautiously bearish. The EU seems to be losing steam to the upside, as evidenced by the Head and Shoulders (H&S) pattern on the four hour chart (H4), diminishing volume as price rises, and the confirmed bearish divergence (price making higher high; indicator failing to make higher high) in OSMA (H4). In addition, stochastics on the weekly chart are about to start a bearish cycle. Furthermore, price failed to break through the 50.0 Fibonacci level of the (1.6036 – 1.2321) Fib depicted on weekly chart. If we get a break and retest of the neckline of the H&S pattern around 1.3820 my overall target will be 1.3600 which is the 138.2 Fibonacci extension level of the (1.4337 – 1.3809) Fib depicted on daily. I expect price to find a lot of support around the 1.3800 level so you may want to break this trade up just to be safe.
Alternatively, if price manages to break the 1.4143 level and retests this level as support I will be looking long, with an overall target of 1.4500.
Alternatively, if price manages to break the 1.4143 level and retests this level as support I will be looking long, with an overall target of 1.4500.
What system or forex strategy you are using? and how much profits do you earn every month?
ReplyDeleteSame target Travis but that´s also (1,3600) where bigger question raises hand.
ReplyDeleteEasy day with waves today. Take a looks also Aud-Jpy - should be clear enough for you to consider.
Propably something ended with that 1,3800 (1,3750) temporary. It seems for be you have also some bear patterns with gbp crosses.
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