If you like to counter trend then this might be an opportunity.

We could play this setup as a 123 reversal pattern. Number 3 represents the reversal you may even fib the move if you like.

As a target I would play the 200 day moving average. The stop loss would go where the number 3 is plus the spread for this pair.

Best of PIPS

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.