Hi Traders I would like to share my Trade Plan for the G/U. Mid morning Tokyo time we find the pair making a retracement in the downtrend.
I am looking for the retracement to continue up the the .618 fib level, at 1.3230, and show signs of a reversal to get short. This level also is aligned with previous resistance after a previous multisession double top formation on 8/24, 8/25. Other possible points for the short are the pivot points M3 and R1.
I read the extended move up and the topping formation as a sign of a bearish day ahead.
My profit targets are 1.3160, S1 and M1.
Have a great trading session and please leave your thoughts or comments.
Stay focused. Every moment in the market is unique.