AB is ~ .382 retracement of XA
BC is ~ 1.272 extension of XA
D is right in the thick of some previous structure AND near a nice even number (1.2400)
So the trade would look something like:
SELL @ 1.1240
STOP @ 1.1270ish
TP1 @ 1.1200ish (.382 retracement of CD)
TP2 @ 1.1170ish (.682 retracement of CD)
Risk: 30pips
Potential Reward: 40pips (TP1) + another potential 30pips (TP2)
There's some medium AUD and NZD news tonight, though nothing Earth shattering.
BC is ~ 1.272 extension of XA
D is right in the thick of some previous structure AND near a nice even number (1.2400)
So the trade would look something like:
SELL @ 1.1240
STOP @ 1.1270ish
TP1 @ 1.1200ish (.382 retracement of CD)
TP2 @ 1.1170ish (.682 retracement of CD)
Risk: 30pips
Potential Reward: 40pips (TP1) + another potential 30pips (TP2)
There's some medium AUD and NZD news tonight, though nothing Earth shattering.