Interesting readings on the daily timeframe where we seem to have found strong support at the 84.33 region. Although short term momentum is down, we have had 5 bounces off the 84.33 area. This area was previous resistance on the 18th Feb. This area also marks the 38.2 retrace of the 17th March low. The main overall trend on the daily and weekly charts is up. Also, notice the trading range which seems to have developed between 87.20 and 84.33 area. I'm placing a long order, summarised with reasons below
Reasons:
- Main trend up on Daily and Weekly charts
- 5 bounces off support at 84.33
- Bullish pinbar candle today off 84.33 support
- 38.2 retrace of the 17th March low
- Bottom of the trading range
ORDER to go long at 84.56
STOP: 8400
LIMIT:8680
Risk Reward 4/1
8ma is proving to be tough resistance to break at the mo but we've had another bounce off that trendline today which favours the bulls. could go either way but will hold
ReplyDeleteVery close to getting stopped today but that support line is still holding and we closed above it again today. 84.72 (8ma)is big resistance now and the moving average suggest the trend is now down
ReplyDeleteBeen in the trade for a week now so i might bail if we see rejection again at 8ma
Very nice move up of the support level and breaking through 8ma resistance. Stop now at b/e going into the Greece news tomorrow/Thursday
ReplyDeleteStrong follow through today following Greece's vote to go ahead with this bailout. The daily candle finished bullish so im expecting more buying tomorrow. Will continue to hold as not far from limit now
ReplyDeleteGot to within 6pips of my limit and turned back. Although there is potential for higher prices, ive been in this trade for nearly 2 weeks now and have decided to take profit at roughly 3 times my risk for 173pips. Cant be having another situation like the nzd/usd trade!
ReplyDelete