In the previous post on bull trap, I did not get a chance to trigger on this short. However
I will like to refer to the previous big picture that might indicate a huge topping pattern for this pair.
Note to myself : calling for a multi-year top is definitely not going to be easy; I am acknowledge that I am trading basically against the big trend ( consecutive up months) and subsequent action taken to trade this bias will require to trade the direction in chunks.
From tx plot, it shows a giant 1234 with monthly blue box. Price happened to be showing a Double Top, with a monthly bearish engulfing candle formed by the month of January, against December.
Does this signal more to come? That perhaps a move of 700-1500 pips might be coming in the coming year? Still, breaking this up in smaller chunks may be easier for my style.
On D1 , this will be the tradable plan. I am now waiting for a retracement to minimize my pip risk in the case where price closes above the resistance zone to invalidate short bias