I see a Long signal with this pair...any comments are welcome. If you can risk a 40-50pip stoploss, I'd say it's a good trade.
Reasons for entry: 1)MACD gave a buy signal with a nice "v" shape TC pattern. 2) Price bounced off 21EMA. 3) Price broke trendline and 61.8% Fib level on Daily chart 4) We are in an uptrend, so you are trading with the trend. 5) Bullish engulfing candle on 4hr chart 6) Price broke 1.3200 level and has stayed above it(so far).
Need I say more? Entered at 1.3207 s/l 1.3157 first t/p 1.3150, second t/p 1.3170
Also, I know the news is coming out...but I've noticed Phillip's system isn't affected too much by news IMHO because it's a longer timeframe(no whipsawing like on the 5min or 15min charts), unless something "unexpected" comes out! Trade at your own risk!!! There may be some up&down movement prior to news, so you could get a better entry if you wait. I'm sure it's due to the Big Guys positioning themselves for the news.
Reasons for entry: 1)MACD gave a buy signal with a nice "v" shape TC pattern. 2) Price bounced off 21EMA. 3) Price broke trendline and 61.8% Fib level on Daily chart 4) We are in an uptrend, so you are trading with the trend. 5) Bullish engulfing candle on 4hr chart 6) Price broke 1.3200 level and has stayed above it(so far).
Need I say more? Entered at 1.3207 s/l 1.3157 first t/p 1.3150, second t/p 1.3170
Also, I know the news is coming out...but I've noticed Phillip's system isn't affected too much by news IMHO because it's a longer timeframe(no whipsawing like on the 5min or 15min charts), unless something "unexpected" comes out! Trade at your own risk!!! There may be some up&down movement prior to news, so you could get a better entry if you wait. I'm sure it's due to the Big Guys positioning themselves for the news.
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