Unfortunately as chf has been going, if we get a retrace, it might only get up to your next fib line or the S-2 line, or if lucky, to around 1.600... when would your idea of getting in on the trade occur?? By Arizona rules, the indicator would be telling me go long about the time the move is most of the way over and then I am stuck with only a few pips or trying to find a way out at break even as price turns back towards the trend... and of coarse all this would happen at night while I am snoozing away...
Hey, I think I've convinced myself not to look at this trade idea anymore !!!
Hey, I think I've convinced myself not to look at this trade idea anymore !!!
DislikedMike & Tiki,
I agree with both of you on this pair. I agree with Mike that I want to stay with the overall downtrend but I also agree with Tiki that a retracement is warranted. I show devergence with RSI and we have strayed a bit away from the downward TL. So I would like to see a retrace to around 1640/79 area and then some PA to show me a bounce back with overall trend. I will attach a chart. As always this is just my opinion and Mike could be right about the break lower without a retrace. Happy trading all.Ignored