The pair is trading @ 1.4126; the main trend is bullish; the last main movement up goes from 1.3800 to 1.4240; right now the retracement going on represent 23% of the last bullish movement; we have one strong support @ 1.4100 and a psychological one @ 1.40; 1.3900 represent 76% of this last bullish movement...we have all rounded number!!!
on the resistance side we have a small one @ 1.4160-80; and a good one @ 1.4220-40;
now the main trend is bullish, but a retracement is needed before an up movement.
here is my trading plan:
I will build a position on the retracement and I will try to pyramid it on the upside (some luck is needed to be clear);
I will buy 1x unit now@ 1.4125;
I will buy 1x unit @ 1.4100;
I will buy 1x unit @ 1.4000;
I will buy 1x unit @ 1.3900;
stop loss @ 1.3860;
with one unit take profit @ 1.4220;
with two unit I will buy one more @ 1.4180;
with 3x unit I will buy 2x more @ 1.4180 and 1x more @ 1.4220.
on the GBP/USD side there is something similar going on...no so much time to write about it but my trading plan is the same;
have a good trading day;
:D
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