Here we have a 2618 trade setup, but keep in mind this is on daily time frame; so the stop loss on this setup is huge. Personally I would be looking for selling opportunities based on this trade setup on lower time frames with smaller stop loss levels. See the chart for more details.
Given the way the pair is acting I would set a stop about 1.26 because there is no reason to give up as many pips as the previous high. If the pair burst through this top something serious has happened and I would re-evaluate the short. I'm bearish. Oil should move opposite to this so that's another trade to watch.
moneymaking
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Hey Garry. Thank you for your input, very much appreciated. It makes sense to move the stops lower, since the market does seem to be struggling. I actually already have a long position on oil. Good luck :)
GarryBartsch
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You're welcome. Here's my take on the pair: The long upper shadows are what catches me eye. The market is rejecting higher prices. We need to keep our losses small. I'm long oil too and waiting to see if it can start another leg up. All the best.
ninjabenja
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Hey if you could edit your description to include the 2618 trade requirements or link to where people can find out more information on it, I'd be happy to make your chart suggested. Thanks
moneymaking
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Hey ninja, Sure no problem, this strategy belongs to Jason Stapleton, he has his own trading business named "Trade empowered". Visit the website for more info: tradeempowered.com/