Hey gang! A we've been waiting for some bigger moves on this pair for a while now but have seen nothing but sideways action. Fortunately for pattern traders sideways action isn't always a bad thing as consolidation breeds pattern opportunities.
The pattern we have on this pair is going to be a bullish Gartley pattern completing down at the 1.9328s level. Minimum stops should be 10pips below the X leg, but in my professional opinion (I don't use the 10pips rule) it's probably worth risking a few more pips to give yourself the safety of being below the even handle seeing how these psychological numbers often act very similar to structure.
Although we have the bigger pattern on the horizon, i wouldn't assume that it's going to complete and would have no reason to get fancy with extended targets or trailing stops for bigger gains. We still haven't broken previous resistance (Bigger B leg) therefore structurally I have no reason to think continuation.
For a look at last week's rollercoaster of a ride in the markets please check out my latest blog post "Trading Recap Week 17: Self Evaluation" Good luck this week traders!!! tradeempowered.com/t...-17-self-evaluation/
Akil Stokes
Chief Currency Analyst
www.TradeEmpowered.com
The pattern we have on this pair is going to be a bullish Gartley pattern completing down at the 1.9328s level. Minimum stops should be 10pips below the X leg, but in my professional opinion (I don't use the 10pips rule) it's probably worth risking a few more pips to give yourself the safety of being below the even handle seeing how these psychological numbers often act very similar to structure.
Although we have the bigger pattern on the horizon, i wouldn't assume that it's going to complete and would have no reason to get fancy with extended targets or trailing stops for bigger gains. We still haven't broken previous resistance (Bigger B leg) therefore structurally I have no reason to think continuation.
For a look at last week's rollercoaster of a ride in the markets please check out my latest blog post "Trading Recap Week 17: Self Evaluation" Good luck this week traders!!! tradeempowered.com/t...-17-self-evaluation/
Akil Stokes
Chief Currency Analyst
www.TradeEmpowered.com
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