We have a reversal pattern on the daily and confirmation with the bearish engulfing candle on Friday. We are now set for some retrace to the short side. The daily is an up trend (see chart) and with the bearish candle on Monday we now have two opportunities to enter a squeeze play.
My squeeze play: See 1hr chart, enter long off Gann @ 1.3884 (yellow line) to TP 1.4050 zone (blue coloured zone). SL @ 1.3850. Then reverse the trade enter short @ 1.4050 zone SL @ 1.4100 and TP @ 1.3800. These entry spots are not absolute hence look for entries in or around the zone.
Happy Pippin
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