Previous trend line broken, currently being re-tested, ie, previous support turns to resistance, lets see... Two targets to aim for, once target 1 hit, stops to break even & ride the wave. My Stop loss is huge, but playing it safe as seeing a huge drop in this pair coming in the near future, still, with my current setup, your looking at RR 6:1. For the perfect entry, wait for a red/bearish momentum candle & enter. For the more aggressive trader, go for it now lol Good luck :)
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I am hopeful of a down gap for this pair, my entry was on the first bearish momentum candle. Price has then made a slight retrace almost testing the previous trend/support line which is now resistance & started to drop nicely again. If the week plays out like I think then this will be a nice trade.
3 steps:
1. Broke trend line.
2. Retest of broken trend line. Old support turns resistance.
3. Goodbye kiss off the new resistance level. Would have liked to see more momentum, but it's heading in the correct direction so all good.
1. Broke trend line.
2. Retest of broken trend line. Old support turns resistance.
3. Goodbye kiss off the new resistance level. Would have liked to see more momentum, but it's heading in the correct direction so all good.