I don’t have a favoured direction for this one at the moment. Things should become clearer soon.
I’ve been trading from both sides for decent pips as we rise upwards into a zone that could offer some potential for short selling.
A second overlaying Head and Shoulder pattern is forming, with a chance of a short trade at the right shoulder. I always like to try and catch these, especially if there are fibs and trendlines present to give entry ideas and most importantly to define reasonable risk / stop loss areas, in case the trade is wrong.
The two areas I will be watching are the top trendline (red) around the big fig at 1.5500 – and the 38.2% of the latest swing low from December 2017 to January of this year around 1.5535. Either of these areas would key in with a right shoulder formation, so I will be watching lower timeframe charts ( H1-15M ) for any signs of a turnaround…………….if price were to power on up and above 1.5535 then the trade idea is void and long positions will be considered, targeting the December highs.
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