The market seems to be awaiting news, since we have two days in a row, contained by a previous day's true range. This has only happened 12 times since the top in 2015, so you can tell that the market awaits major news to decide on direction, or resume the pace it had. Price action until we break out of this range might be erratic, so don't caught up trying to navigate the murky intraday noise waters and focus on the big picture here. Just a heads up. Check the news calendar, and then trade.
Good luck,
Ivan Labrie.
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You can go long here, stop under 113.83
Once it breaks above the top of the green box it'll rally after squeezing all shorts.
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If you're long you're in 0.5R profit now, you can easily move stop to entry now.
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Double the position and place all stops at 115
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Check it out, it broke the resistance here, so it could soar into the upper 120-130s.
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The price action is scary, I'm out of all FX trades for now, I think we can get a retracement in the dollar trend.
@IvanLabrie, Already has
where are you short it to?
IvanLabrie
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@CarnellTate, I'm not short, long only here. Shorting an uptrend is extremely dangerous when it's fundamentally backed.
CarnellTate
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@IvanLabrie, I mean thats true,yet its overbought and it's started to wash out. Maybe we are just on different timeframes.
IvanLabrie
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@CarnellTate, indeed, but I think this is a time where higher timeframes are in control, when critical fundamental events take place. All my USD longs are in great profit. Good luck!