Blue boxes are shorts exiting this pair, very evident..........as soon as price breaks this line ill consider longs. I really liked the idea of longs @ 7015, but its starting to look like buyers are already coming in. Its already made higher high and lower low.....this has the potential to be a long term trade. If and when price breaks this tl, ill post a chart with my entry.
I have gone long again 750 pips ago, at 1/2% risk with a 350 pip stop(that means all those pips still only equal a 1% floating account gain). I'm still not sure it will allow me to stay in this trade. Nor has there been any reasonable retracement to which I could add a more meaningful position.
The first target on both is a few thousand pips away.Definitely a worthwile long term play, but you gotta give it a lot of room to breathe if you want to catch the whole move.
So far the pattern has not been invalidated, so I stand behind this analysis, but failure is a distinct possibility, and one we have to accept. The average daily range for both is around 400 pips, so any takers should be cautious.
