There are quite a few opportunities I'm looking at. Price is at top of downward channel (amidst being in a falling wedge on larger 4H). Looking for sell opportunities but being mindful if price try's to breaks above 1.1110 (thick red line) then momentum can surge to blue trend line. If price pushes past blue trend line then we are officially breaking out of channel and headed towards top of falling wedge (yellow trendline). Price will then head to pink line for a possible pullback or may continue going straight to yellow trendline.
When analyzing price action, if price breaks the green consolidation lines then we have a good idea where price is going next (most likely down) which will then complete a Head and Shoulders pattern and allow price to stay within the downward channel.
Notice how this entire analysis is happening without the need for any indicators whatsoever, this is purely price action.
When analyzing price action, if price breaks the green consolidation lines then we have a good idea where price is going next (most likely down) which will then complete a Head and Shoulders pattern and allow price to stay within the downward channel.
Notice how this entire analysis is happening without the need for any indicators whatsoever, this is purely price action.
Trade active:
Sell Stop activation based on price trigger
1.00 lot size
1.00 lot size
Trade closed: target reached:
Sell Stop reached TP1 for +38 pip profit
Risk/Reward Ratio: 1:4.2
Note: Nice trade setup! 1% risk to make 4% on the account, as it should be.
Risk/Reward Ratio: 1:4.2
Note: Nice trade setup! 1% risk to make 4% on the account, as it should be.