I won't be taking this trade because it does not meet my entry requirements. But, it's not a bad set up that I want to share nonetheless.
Price has an OK (not the best) regression trend channel. If we draw a fibonacci on the daily we can see the .382 coming in the support area of channel support and 50 day moving average. Price is approaching this level with strong momentum, so it will be key if this area can hold.
If it can hold and price continues there is several hundred pips on the upside. Again, I'm not taking this trade and I think this set up should be approached be with caution.
Price has an OK (not the best) regression trend channel. If we draw a fibonacci on the daily we can see the .382 coming in the support area of channel support and 50 day moving average. Price is approaching this level with strong momentum, so it will be key if this area can hold.
If it can hold and price continues there is several hundred pips on the upside. Again, I'm not taking this trade and I think this set up should be approached be with caution.