The trend line in white, which worked as a support, was clearly broken, therefore there are signs of further bearish pressure on this pair. A conservative way I see to trade this pair is to wait for the price to reach what I consider a confluence level, around 1.31400. It could be a nice entry point for opening a short position.
Actually, tre white trend line could be tested, around 1.31800, although I think price might not reach that level. Reasons: RSI is already overbought and MACD is showing that bulls might be soon exhausted, as it is near to show a bearish cross.
Short entry: 1.31414 (Optional 1.31875)
TP1: 1.29974
TP2: 1.28875
TP3: 1.28021
SL 1.32046 (SL for optional entry: 1.32755)
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Actually, tre white trend line could be tested, around 1.31800, although I think price might not reach that level. Reasons: RSI is already overbought and MACD is showing that bulls might be soon exhausted, as it is near to show a bearish cross.
Short entry: 1.31414 (Optional 1.31875)
TP1: 1.29974
TP2: 1.28875
TP3: 1.28021
SL 1.32046 (SL for optional entry: 1.32755)
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Trade active:
Main short entry triggered
Trade active:
The price got perfectly into the "Sell area" and touched the trend line. So far all going according to the plan.
Trade active:
TP1 Hit
Trade active:
TP2 Hit
Trade closed manually:
Partial profit of TP3 taken. The reason is the volume in the last closed candle of 1 hour, that makes me doubt that the move can reach TP3.
Happy trade :)
Thanks for reading.
Happy trade :)
Thanks for reading.