as we can see here we have a good trade set up with price already starting to bounce back down from .618 clear and tested Fibonacci retracement resistance as well as just normal trend resistance. This is not a continuation trade breakout it looks like. The RSI is coming close to oversold and not forcefully so. It looks likely to break down on its own resistance as well. If you want to be safe wait for that to happen. There is also a very clear butterfly pattern. overall this is likely a continuation pattern but the breakout does not seem likely to be at this test of resistance. The Euro is also losing ground against the GBP and the euro does not have serious movement on other currencies as of this time. This is a high probability trade 7% trade possible if using very healthy amounts of leverage and only risking two percent of account. I personally only risk 1.7% per trade because just this small drop severely limits the likelihood of large drawdowns mathematically.
Leave a like if you agree. If you don't or if you have feedback comment down below.
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also there are some heikin-ashi doji's or whatever you call them
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the break below that line just happened
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See my other posts. I just nailed a prediction on USOIL and I am nailing a prediction on usdcad. Follow me for good high probability trades.
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ignore the random text above the resistance lines. I was laying out reasons for a breakout or short entry.
@Rsherman, If you go to your own post, there is a button for updating your idea. You can copy the link for your screenshot into the link and it will show up as a normal picture.
Rsherman
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@jjohnsonjai, you were able to understand it right though?
jjohnsonjai
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@Rsherman, Yes, I can understand what you mean. I agree that a drop is bound.
jjohnsonjai
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Your chart is very cluttered, it is difficult to see what is occurring. But I do agree that this prize zone is a good short opportunity.
Rsherman
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@jjohnsonjai, do you have any recommendations on how I can improve my future posts? Let me know.