As of now it is still not clear whether we are in a flat correction or not. It could be that all of the correction of the impulse up was the Zig-Zag ABC highlighted on the chart. Should that be the case then I'd only be looking for a move down to the 1.054x level. If the pair makes one last move up and breaks/retests the 1.142x level that constitutes a bigger correction and therefore I'd be looking for a move down to the 1.023x level and consequently a mere 1200 pip target.
My personal details:
Short @ Entry: 1.1425, SL: 1.1505, TP1: 1.0546, TP2: 1.0235, RR: 14
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
My personal details:
Short @ Entry: 1.1425, SL: 1.1505, TP1: 1.0546, TP2: 1.0235, RR: 14
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
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Downside to continue? Break and retest of a key structure level + Price Action showing weakness
