Hey guys,
The pair is currently in a flag inside what looks like a broadening formation (megaphone).
Based on the Ichimoku Cloud, we can see that the price is supported by a thick daily cloud and is currently above all its clouds as well (H1, H4, and Daily) suggesting that it will sooner or later test the highs again.
I am already positioned in this trade, but a more conservative strategy would be to enter as soon as the flag is broken to the upside.
The target is the high of the megaphone which is also nearly the highs over the last month, at around 84.550. So an 80+ pip trade.
Trade with care!
Jesse
The pair is currently in a flag inside what looks like a broadening formation (megaphone).
Based on the Ichimoku Cloud, we can see that the price is supported by a thick daily cloud and is currently above all its clouds as well (H1, H4, and Daily) suggesting that it will sooner or later test the highs again.
I am already positioned in this trade, but a more conservative strategy would be to enter as soon as the flag is broken to the upside.
The target is the high of the megaphone which is also nearly the highs over the last month, at around 84.550. So an 80+ pip trade.
Trade with care!
Jesse
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.