Again near a critical area for this pair. LONG area pips away.
Hi Folks:
Everyone's thinking that price should be going up after an important correction, right? What the big players think though?
Based on the failed reversal it all points to a new retest of the support line of the current desceding channel but let's not forget that this inner channel is trading inside another ascending channel, so we are going to face a lot of pressure in this area (see the circle).
No one knows what is going to happen so let's trade it wisely, in different long stakes and always keeping in mind the worst possible scenario to prevent a big loss.
Longs in the red line and a bit lower in the green suport line and the last one at the black line. Anything below will result in a partial or total hedge to cover further retracement.
I am expecting a surprise in this pair as the YEN is often used as a safe haven currencty as well.
STAY SAFE. Cheers
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
Everyone's thinking that price should be going up after an important correction, right? What the big players think though?
Based on the failed reversal it all points to a new retest of the support line of the current desceding channel but let's not forget that this inner channel is trading inside another ascending channel, so we are going to face a lot of pressure in this area (see the circle).
No one knows what is going to happen so let's trade it wisely, in different long stakes and always keeping in mind the worst possible scenario to prevent a big loss.
Longs in the red line and a bit lower in the green suport line and the last one at the black line. Anything below will result in a partial or total hedge to cover further retracement.
I am expecting a surprise in this pair as the YEN is often used as a safe haven currencty as well.
STAY SAFE. Cheers
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
Penafian
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