Trade cancelled
After missing the entry, the pair retraced 38,2%.
Bigger picture
Over the past two weeks this pair has consolidated between 140.72 and 138.00.
These two levels are:
- a weekly structure zone @ 61.8% retracement (140.72)
- a midline of an monthly upward channel. (+/-138.00 and rising)
Trade setup
If the pair won't go beserk with the uncertainty around Greece, we could see another bounce off the weekly structure zone. Also, there is a potential reversal zone between 140.50 and 140.66 to short this pair. This PRZ is defined with the completion of several patterns: the Bat (140.66), the Shark886 (140.66) and the Gartley (measured with Akil Stokes' rules).
Risk to Reward ratio
sell: 140.66
stoploss: 141.39
target 1: 139.63
risk/reward: 1 : 1.43
Keep in mind that uncertainty about Greece can do crazy things!
After missing the entry, the pair retraced 38,2%.
Bigger picture
Over the past two weeks this pair has consolidated between 140.72 and 138.00.
These two levels are:
- a weekly structure zone @ 61.8% retracement (140.72)
- a midline of an monthly upward channel. (+/-138.00 and rising)
Trade setup
If the pair won't go beserk with the uncertainty around Greece, we could see another bounce off the weekly structure zone. Also, there is a potential reversal zone between 140.50 and 140.66 to short this pair. This PRZ is defined with the completion of several patterns: the Bat (140.66), the Shark886 (140.66) and the Gartley (measured with Akil Stokes' rules).
Risk to Reward ratio
sell: 140.66
stoploss: 141.39
target 1: 139.63
risk/reward: 1 : 1.43
Keep in mind that uncertainty about Greece can do crazy things!