EXITING THE CHANNEL IS A REALITY
Long term: For the past 2 years the pair stayed in a well formated upwards channel with limits between 0.8300-0.7600. We can now say that the downwards exit of this formation is reliable,with mid term targets 0.7390,0.7200 and 0.6900.The pair has until now given us profits of more than 550 pips,meeting with the second target of 0.7200,moving now towards the 0.6900 target.Target accomplished,total profits of 730 pips.As long as the pair stays below the 0.7400 level and whenever the 0.6900 level will be downwards broken,we can redefine target down to 0.6400 area.We now stand at this critical point.
Short term: We can stay in the point of our last analysis:We can now enter long at the upwards break of 0.6940 aiming then 0.7040.We can now say that we may even increase positions at the upwards break of 0.7040 aiming 0.7200.
|Timeframe||Order Type||Instrument||Entry Price||Stop Loss 1||Stop Loss 2||Stop Loss 3||Target Price 1||Target Price 2||Target Price 3|