How low can we go?
Well it has been an eventful start to the week with lots of movement across the market and we have seen lots of price action from this pair since market open this week.
Beginning way back last month on October 16th the BD FOREX community took a SNIPER ENTRY short trade on this pair and have been holding this all the way down to levels where we are currently floating in the region of +340 PIPS!
In that time we have seen many ups and downs as shown on my chart including a full 50% Fibonacci retracement after we saw an initial +300 PIP decline. After this retracement we saw the journey of the next leg down to make a new lower low on the now bearish trend begin and at the end of last week (1st November) we made the new low but were met with daily support levels laying just below our previous low where we then saw price find support.
Yesterday we had another retracement back to test the last lower higher area as shown on my chart where price printed some beautiful price action to show us the bears had not finished with this pair just yet!!!
Today we are back on the decline as we set our sights on breaking this daily support we have rejected on 1st November AND yesterday on an attempt to create another lower low on the downtrend and hit what will be a target of 1.7220 (First Fibonacci extension level) if price can manage a break below support.
BUT, we have to take all things into consideration as traders and never be married to a trade, even though we have had a 3 week relationship with this pair we have to understand that if price rejects support again it may be time for things to change!!!
If we find support here we make look for long trades with a special technique taught to the community to hold multiple different positions as we see if the bulls can step in and take over or not and make sure we do not miss any move on this pair.
Upside targets should support hold would be back to yesterday’s highs around 1.7400 and if we do meet this level we can easily push on to 1.7500.
Swing trading, risk management and confidence In your trading can allow you to sit back, relax and let the market do its thing and work for you so you don’t have to!