I am back short (last short off a bat failed) this pair from 119.35. We broke the triangle lower trendline (2 possibilities depending on where you take your ref. points but they both broke) of one of my previous idea's. We had a possible re-test of the broken trendline(s) earlier today and we could now be on our way to that lower weekly trendline and/or support level below.
I'm using a wider SL (see chart) but one could easily also use a tighter SL i.e. the high of the breakout candle of October 14th (see chart). I've included 2 targets, both with either the wide, or the tight SL, to quickly see the difference in R/R. The first target is not fixed, it will be where PA touches the trendline!
I will trail my SL to that lower level asap and might then trail it further along that "down" trendline or along the 20EMA (10EMA and 20EMA often act as support in a trend).
Let's hope the 'magnetism' of that weekly trendline is strong enough now!
I'm using a wider SL (see chart) but one could easily also use a tighter SL i.e. the high of the breakout candle of October 14th (see chart). I've included 2 targets, both with either the wide, or the tight SL, to quickly see the difference in R/R. The first target is not fixed, it will be where PA touches the trendline!
I will trail my SL to that lower level asap and might then trail it further along that "down" trendline or along the 20EMA (10EMA and 20EMA often act as support in a trend).
Let's hope the 'magnetism' of that weekly trendline is strong enough now!
Comment:
UPDATE: Another possible SL in between might be just above the 120.00 round level. I think I'll go for that one!
Comment:
UPDATE: Swithching to the wide SL setup in case we test the last highs, SL will be at 1.2060!
