We have a pretty tight stop loss entry in this pair if we break a previous day high (PDH) soon. Stop loss should sit below the last daily low here.
If we move straight up from this juncture chances are the daily timeframe signals the market is accumulated and ready to march higher once enough time passes, most likely trading sideways at a higher price zone.
Current daily trend expires in a day, a 13 day advance, so we can expect a 13 day consolidation or retracement, but if price breaks up, since the largest timeframe is trending up, buying into strength would be a low risk, big reward entry, which might evolve into a larger move over time.
Best of luck,
Ivan Labrie.
If we move straight up from this juncture chances are the daily timeframe signals the market is accumulated and ready to march higher once enough time passes, most likely trading sideways at a higher price zone.
Current daily trend expires in a day, a 13 day advance, so we can expect a 13 day consolidation or retracement, but if price breaks up, since the largest timeframe is trending up, buying into strength would be a low risk, big reward entry, which might evolve into a larger move over time.
Best of luck,
Ivan Labrie.
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