Long term trend: Down
Medium term trend: Down
Significant Levels: 1.3000 (Round Number), 1.2800 (Horizontal Support)
There is nothing to trade here, right now. Current price is away from the nearest resistance which is that Round Number 1.3000 and that's the area where we want to place our trade. As we are Bearish with this pair, our best trade would be to go Short near the Resistance area, if the price respected it.
We are still Bearish with this pair, but we do not want to trade right away and place a Short trade as the Horizontal Support is approaching. This support would probably hold and go up before the trend continue to go down. The best place to place our trade is to go Short where the 1.3000 level and Downtrend Resistance intersect. If the price goes near that confluence zone, and the market respected it, that would be our opportunity to place our trade.
For this setup, patience is a must. We're looking for a setup that is more probable to win. Yes, it might lose, but still, we did the best we could, to look for the best trade. Do not be contented to a "just enough" trade. There will always be the best trade, you just have to spot them. Those trades are obvious. You don't need to search hard to spot them.
Trade well.
Medium term trend: Down
Significant Levels: 1.3000 (Round Number), 1.2800 (Horizontal Support)
There is nothing to trade here, right now. Current price is away from the nearest resistance which is that Round Number 1.3000 and that's the area where we want to place our trade. As we are Bearish with this pair, our best trade would be to go Short near the Resistance area, if the price respected it.
We are still Bearish with this pair, but we do not want to trade right away and place a Short trade as the Horizontal Support is approaching. This support would probably hold and go up before the trend continue to go down. The best place to place our trade is to go Short where the 1.3000 level and Downtrend Resistance intersect. If the price goes near that confluence zone, and the market respected it, that would be our opportunity to place our trade.
For this setup, patience is a must. We're looking for a setup that is more probable to win. Yes, it might lose, but still, we did the best we could, to look for the best trade. Do not be contented to a "just enough" trade. There will always be the best trade, you just have to spot them. Those trades are obvious. You don't need to search hard to spot them.
Trade well.