Dislikedin chart, i realized if I am right, all dips are bought last week and marked up from last thursday to today's rectracement. Do you think the decrease will continue all through the week ?
also, please look at on last friday the narrow middle closed down bar with very high volume wihin 3 weeks, doesnt it mean weakness ?Ignored
In all honesty unless you are on this inside.. you are taking a big risk trading this pair at the moment because the market is sideways
The thing is all over the place and there seems to be some outside interest in capping its run up even though the market makers tried to break the cap on Monday. They need it broken because a lot of their traders will not be trading while the market is in this state.
My take is that this is in a daily and slightly expanding flag pattern that is too wide to trade and could break any time. Really high risk!
Hold off until it starts to trend and when the flag is broken.
Check the run up yesterday.as an example. From a traders point of view.
First it retraced to fibo 78.6 so any other than perfect entry would have stopped you out of the trade.
If you had gotten back in the trade you should have delayed waiting for confirmation.. then it retraced to 70.7 so you would have needed a perfect entry or it would been stopped out of the trade again.
Then it retraced to 38.2 now you would wonder if the retracement had further to go because the last two times did. However if you had waited, you would miss the trade altogether.
So.. now you took two big risks, followed all the rules bar and still came out at possibly break even.
This market is currently under the control of some very big players. That refuse to let it go up and deliberately knock out the buyers with sustained confusion.
There is one rule that you are not following if you are trading this pair right now... it is trend. While the thing is in a daily flag pattern it is a sideways market.
it will break and when it does, oportunities will abound. if I were you, I would hang on to my money until my return is more certain and the risk is less.
This is not trading advise.. it is don't trade advice