BECAUSE OF THE RECENT 2 WEEKS PUSH, PRICE IS CURRENTLY ABOVE 50SMA AND 20SMA ON THE D1 AND H4. THUS THESE SMAS CAN ACT AS SUPPORT. TRADE WITH CAUTION. AND ALSO, RISK REWARD IS NOT OPTIMAL AT THE MOMENT. THIS IDEA SETUP IS SIMILAR TO MY GBPJPY IDEA.
CONFLUENCE IS THERE, DECIDE FOR YOURSELF, DO YOUR OWN ANALYSIS AND TRADE WITH CAUTION.
PLEASE COMMENT IF YOU AGREE OR DISAGREE, FOLLOW ME TO SEE WHAT I AM THINKING.
EDIT: RSI IS PART OF MY CHART, IT HAS NO CONFLUENCE FOR THIS IDEA. IM SORRY I DID NOT HIDE IT.
I think it'll continue to go up now.
The dollar correction isn't over, maybe a retracement as a buy opportunity.
PriceActionTrading
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Too much steroid.
Casey_Yeo
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still waiting for confirmation.
PriceActionTrading
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Yes that is definitely required. Moreover the RR is not enticing at the moment. Without proper RR and confirmation, no way i am entering this.
Thanks Casey.
Casey_Yeo
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GBP has been on steroid. Careful.
PriceActionTrading
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Indeed. Just wanted to point out the confluence for this pair. Then let people to decide if they want to get in.
The thing about steroid is that it leaves a man weak after its effects. Lets hope that is true for GBP.
Casey_Yeo
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LOL..that's what I'm waiting for too. Preference: false break of trendline.
The dollar correction isn't over, maybe a retracement as a buy opportunity.