Market beginning to break above resistance level that has been consolidating for the last couple of days, although there is a strong level at 0.70530 .
If that resistance level clears then we are looking for a sure push up to the beginning of October 20ths move down and even higher up to 0.72 (more aggressive target).
IMPORTANT: Notice how the biggest moves on this pair have happened when there is LOW volume, while A LOT of Volume corresponds to small moves. A confirmation that when many institutions are trading this pair they are trading in opposite directions causing the market to stand still. This market will take off when few institutions are trading it.
TRADE SETUP:
Two scenarios:
a) More aggressive - wait for a pullback to the Mov Avg and have a tight stop loss right below support levels to avoid stop loss hunting.
b) Less Aggressive - Wait for a breakout past resistance level, followed by a pullback to same levels and wait for the Mov Avg to be retested. Get in long at that moment with partial TP at first resistance and then second TP at 0.72 (Trail you SL if you chose this approach).
If that resistance level clears then we are looking for a sure push up to the beginning of October 20ths move down and even higher up to 0.72 (more aggressive target).
IMPORTANT: Notice how the biggest moves on this pair have happened when there is LOW volume, while A LOT of Volume corresponds to small moves. A confirmation that when many institutions are trading this pair they are trading in opposite directions causing the market to stand still. This market will take off when few institutions are trading it.
TRADE SETUP:
Two scenarios:
a) More aggressive - wait for a pullback to the Mov Avg and have a tight stop loss right below support levels to avoid stop loss hunting.
b) Less Aggressive - Wait for a breakout past resistance level, followed by a pullback to same levels and wait for the Mov Avg to be retested. Get in long at that moment with partial TP at first resistance and then second TP at 0.72 (Trail you SL if you chose this approach).