Decent risk to reward ratio. Looking at that small reversal pattern for the big payout. Let's see what happens.
I probably should have posted this a day or two ago. Lots of strong support + the dollars current strength? Seemed solid to me.
For me, this is what I am feeling when I look at the chart. I didn't over-complicate it and went based on levels and potential price action.
The rally seem really deep on this one however, with a calculated move, the rally should pull close and into the upper red zone before the completion of the wave.
You may be able to catch a few pips here. 1:3 ratio.
Perhaps a quickie 1:2 ratio and then to catch that wave 5 for an OK, long.
So much promise on this trade, let's see how it plays out. Final wave, trap measurement and re-tracement zone for the downside.
I think the overall move should be at least 90pips down. I entered with a 10pip stop loss and it's beginning to fall. I believe there will be a 50pip drop before a retest and then the continuation.
After seeing the bearish pennant, I expected a continuation. The entry would have been just below the formation as usual while the stop loss above. Now, on the 15m, a triangle is forming directly above a demand zone. I am expecting a continuation to the downside.
This could be an early short, I will continue to watch it.
If Price does break out, it looks like a pretty long drop down.