291113 - UTC 08:30
Reason to trade:
Most of November has seen repeated testing of the year long low at around 0,8310. With the continuing bearish pressure, it is doubtful that the support will hold much longer as there still seems to be plenty of buyers out there. I will reassess early next week.
Entry:
There is a strong entry indicator at the 50% fib point at 0,8281. I would place a sell stop order a few pips lower, at say: 0,8274. One should also be alert to possible rebounds at 50% fib point.
Exit:
I will hope for a good R/R and aim to TP just short of the next fib point down which is also the next major S/R zone at 0,8159.
If it goes wrong, I will place the SL a few pips above the currently being tested S/R zone at 0,8317
Reason to trade:
Most of November has seen repeated testing of the year long low at around 0,8310. With the continuing bearish pressure, it is doubtful that the support will hold much longer as there still seems to be plenty of buyers out there. I will reassess early next week.
Entry:
There is a strong entry indicator at the 50% fib point at 0,8281. I would place a sell stop order a few pips lower, at say: 0,8274. One should also be alert to possible rebounds at 50% fib point.
Exit:
I will hope for a good R/R and aim to TP just short of the next fib point down which is also the next major S/R zone at 0,8159.
If it goes wrong, I will place the SL a few pips above the currently being tested S/R zone at 0,8317