The last bullish rally before retracement
was 170 pips. (half this can be SL)
The last 3 bearish moves from top of the
channel have been 350+ pips
Price will likely fill the wick from May 24th touching the top of the channel.
IF A BREAKOUT HAPPENS BE CAREFUL AND ONLY BUY AFTER BULLISH AND BEARISH CANDLES CREATE HH. WE ARE LIKELY LOOKING AT A BEARISH MOVE RETURNING TO BOTTOM OF THE RANGE AT 1.04500 (280+ PIPS) (low risk/ high reward)
I am likely going to use 1.5% of account with 85 pip SL
Price will likely fill the wick from May 24th
touching the top of the channel.
IF A (Bullish) BREAKOUT HAPPENS BE CAREFUL AND ONLY BUY AFTER BULLISH AND BEARISH CANDLES CREATE HH. WE ARE LIKELY LOOKING AT A BEARISH MOVE RETURNING TO BOTTOM OF THE RANNGE AT 1.04500 (280+ PIPS)
This coincides with 1.618% extension since 1.272% extension was hit when it broke through support and traced to where we are now.
(SUPPORT HAD A STRONG BREAK.) see chart for notation
Monthly 61.8% (bullish retested twice as support and broke below again. (integrity broken)
Currently above however its rally looks like a bearish flag and it is coming into the top of bearish channel
Read stoch RSI on daily
was 170 pips. (half this can be SL)
The last 3 bearish moves from top of the
channel have been 350+ pips
Price will likely fill the wick from May 24th touching the top of the channel.
IF A BREAKOUT HAPPENS BE CAREFUL AND ONLY BUY AFTER BULLISH AND BEARISH CANDLES CREATE HH. WE ARE LIKELY LOOKING AT A BEARISH MOVE RETURNING TO BOTTOM OF THE RANGE AT 1.04500 (280+ PIPS) (low risk/ high reward)
I am likely going to use 1.5% of account with 85 pip SL
Price will likely fill the wick from May 24th
touching the top of the channel.
IF A (Bullish) BREAKOUT HAPPENS BE CAREFUL AND ONLY BUY AFTER BULLISH AND BEARISH CANDLES CREATE HH. WE ARE LIKELY LOOKING AT A BEARISH MOVE RETURNING TO BOTTOM OF THE RANNGE AT 1.04500 (280+ PIPS)
This coincides with 1.618% extension since 1.272% extension was hit when it broke through support and traced to where we are now.
(SUPPORT HAD A STRONG BREAK.) see chart for notation
Monthly 61.8% (bullish retested twice as support and broke below again. (integrity broken)
Currently above however its rally looks like a bearish flag and it is coming into the top of bearish channel
Read stoch RSI on daily