Disliked{quote} The idea and reason is: continuation of the downtrend started in Jan 2016 Stops: 50Pips Targets: 1.25 (Low 2016) and 1.20ish Descendin Line as presented in the picture I would be grateful for any comments. {image}Ignored
1. current annual range is already above average... there is no guarantee that the down trend will resume any time soon ( before the end of the year)...
2. the market is in the process of consolidation now while making some slow retracement of a large trend of this year... however it hasn't yet reached even the first fibo level in this retracement attempt... so, selling before it reaches at least 1.3315 level just doesn't make any sense...
3. the upper border of this consolidation is undefined so far... in fact it can be anywhere as this consolidation might eventually look like a flag, a wedge or something else... so, your idea of taking a strategic position with undefined entry level and just 50 pips for stops is a pure gambling...
4. in order to get to your initial target ( which BTW has no technical significance whatsoever) it has to break through a major supportive trendline...