I've been glancing at this pair most days to identify potential trade opportunities. It's been fairly easy to analyze and predict it's movements, but much more challenging to actually find good entry points. The recent times it has signal a buy or sell, the R/R didn't justify entry.
1D below indicates to look for buy opportunity, but even if one developed, the unfavorable risk/reward prevents the trade. It is currently at general resistance zone and is pulling back on hourly charts. If breaks this general resistance zone it would face an immediate stronger resistance area. The other issue is it wouldn't take much of a drop to invalidate buy signal and require further confirmation before entry. Meaning a pullback that would allow for a more favorable R/R would most likely invalidate the trade. Thus, I am on the sidelines. There maybe potential S.T. trades (intraday), but no midterm trades at current price.
See charts below.
1M:
1W:
1D:
1D below indicates to look for buy opportunity, but even if one developed, the unfavorable risk/reward prevents the trade. It is currently at general resistance zone and is pulling back on hourly charts. If breaks this general resistance zone it would face an immediate stronger resistance area. The other issue is it wouldn't take much of a drop to invalidate buy signal and require further confirmation before entry. Meaning a pullback that would allow for a more favorable R/R would most likely invalidate the trade. Thus, I am on the sidelines. There maybe potential S.T. trades (intraday), but no midterm trades at current price.
See charts below.
1M:
1W:
1D:
