This is a pretty clean pattern, I got in once already and took some profit. Now looking for a quick move down to recent lows.
WHY I LIKE THIS TRADE:
1) there's a clean clear bear flag, these are great set ups!
2) Symmetry lines up perfectly with past lows (measuring the previous movement against the current movement, profit target method)
3) The recent move lower retraced 38%, that's great fib retracement for a continuation of the downward trend
4) USD strength seems to be holding solid
5) because I waited 6 months for this pair to break out of a tight channel... it's about time!!
ENTRY DETAILS:
I want to find any reason to short this at a higher price than 7375, however a break below that level with a retest, I'll enter that trade for a move down to .7300.
Stops will be above 7420.
WHY I LIKE THIS TRADE:
1) there's a clean clear bear flag, these are great set ups!
2) Symmetry lines up perfectly with past lows (measuring the previous movement against the current movement, profit target method)
3) The recent move lower retraced 38%, that's great fib retracement for a continuation of the downward trend
4) USD strength seems to be holding solid
5) because I waited 6 months for this pair to break out of a tight channel... it's about time!!
ENTRY DETAILS:
I want to find any reason to short this at a higher price than 7375, however a break below that level with a retest, I'll enter that trade for a move down to .7300.
Stops will be above 7420.
Jared Johnson
Union Hedge Funds
Union Hedge Funds