Price is been bullish for last week and if you watch closely its already been corrective (SIgn of exhaustion) and has been forming a bear flag pattern. Suggesting a drop in price soon.
The 2nd possible scenarios is , it is also forming a bull flag pattern, that suggest there can be a push up for little more before the drop.
This way we keep our thoughts neutral in this pair and ready to trade it in either direction after taking message from the market on monday.
As of now the bias is to go short.
Simplicity is key to be successful in trading.
Please note
Just knowing the next expected move is not enough to be profitable in the long term.
You need to know when to add more multiple calculated positions and also effectively manage the trade.
Remember my minimum risk:reward must be 1:3 or higher.
So you cannot cut the winning trade too early and you cannot turn a winning trade to a breakeven/loosing trade.
Thanks to all those who have followed me and liked my post.
Especial thanks to all those who DM me and commented on my analysis wanting to know more about the trade.
The 2nd possible scenarios is , it is also forming a bull flag pattern, that suggest there can be a push up for little more before the drop.
This way we keep our thoughts neutral in this pair and ready to trade it in either direction after taking message from the market on monday.
As of now the bias is to go short.
Simplicity is key to be successful in trading.
Please note
Just knowing the next expected move is not enough to be profitable in the long term.
You need to know when to add more multiple calculated positions and also effectively manage the trade.
Remember my minimum risk:reward must be 1:3 or higher.
So you cannot cut the winning trade too early and you cannot turn a winning trade to a breakeven/loosing trade.
Thanks to all those who have followed me and liked my post.
Especial thanks to all those who DM me and commented on my analysis wanting to know more about the trade.