I don’t trade this pair often, but I do end up drawing on pairs I don’t trade frequently.

Even though this is not a great swing to draw a fib retracement on, I used the 61.8 level, along with an earlier level I gave some technical weight to as a potential buy limit area.

It turned out to be a gain, with a nice run afterwords that could have yielded additional profit.

 

note: the take profit of about 20 pips was pre-set. This is an hourly chart that wasn’t monitored during the trade

 

This ended up to be a gain of 10 pips. This quick analysis wasn’t conducted in an ideal setting (mobile phone etc.)

Notice after the strong gap up, the was a very bearish candle.

Sometimes we can anticipate a lower high, and the formation of a channel type formation.

The price did move higher and that meant I was in the red for about 40 pips. However, as it turned out, price did move about 40 pips lower. Not to say we will capture the entire move, of course. Price WAS approaching an area where it could potentially bounce higher.

 

 

This happens to be a tick chart. I’d give it a pretty good grade for patience, as it took a while to set up. However target / fear based exits need work