The chart above explains.
Trading this FX pair requires a lot of patience and experience. But the reward is far greater. If you are new into this game, it is not recommended that you try this. But then, if you can make money out of this, then you can count yourself as a profitable trader.
Trading FX requires us to understand what drives each and everyone of it. This is all common sense. This FX pair is a sucker for 50% which makes things much easier and safer.
Now, price had retraced more than 50% in the short term. So we wait for double top. STOP TRADING IF IT GOES ABOVE 141.00 for once it breaks above the LONGER term 50%, anything can happen.
One last advise, PLEASE USE SL sensibly and at the right place ALL THE TIME.
Good luck.
P/S : Do not just believe what I say. Use your common sense.
Trading this FX pair requires a lot of patience and experience. But the reward is far greater. If you are new into this game, it is not recommended that you try this. But then, if you can make money out of this, then you can count yourself as a profitable trader.
Trading FX requires us to understand what drives each and everyone of it. This is all common sense. This FX pair is a sucker for 50% which makes things much easier and safer.
Now, price had retraced more than 50% in the short term. So we wait for double top. STOP TRADING IF IT GOES ABOVE 141.00 for once it breaks above the LONGER term 50%, anything can happen.
One last advise, PLEASE USE SL sensibly and at the right place ALL THE TIME.
Good luck.
P/S : Do not just believe what I say. Use your common sense.
Above this we need to be careful with our SELL trade.