Two likely scenarios on this pair:
1) Re-test of resistance (once again) and head down
2) Head down directly
Of course we cannot forget the other 2 possibilities which is sideways and bullish. However, this set-up currently shows a higher chance of bearish possibility from this pair, hence I'll only be looking to sell.
1) Re-test of resistance (once again) and head down
2) Head down directly
Of course we cannot forget the other 2 possibilities which is sideways and bullish. However, this set-up currently shows a higher chance of bearish possibility from this pair, hence I'll only be looking to sell.
Comment:
First target almost hit but if you've entered when I posted this idea, you should have banked 100+ pips. This wasn't a position I took as I'm in other JPY crosses.
Comment:
H1 chart presents a 1:2 R:R ratio for a buy.
Comment:
Am in 40 pips. Another 25 more pips at least before target hits. Stops moved to BE.
If target hits, I'll wait for more price action for further confirmation to which direction is it heading next.
Comment:
Banked 40 pips with 1 TP hit, other positions closed with +8 pips due to SL being hit.
Comment:
Price hit SL and then went higher. In this case, I did not have a chance to re-enter but was happy with what I have gotten from my positions in this pair recently.
