The price bounced from 1.16000 support and moved upward. The price reversal gave us a good buying opportunity and now it is the right time to fix the profit. What's next?
We can see that the price is going to bounce from a resistance zone formed by the uptrend line and 1.19085 resistance level. You can see how the price moved at this trend line in the past. It is obvious that for the market this line is important and we should take it into consideration.
If the price bounces from the resistance, it will be possible to short using reversal signal from the daily and hourly timeframes. Stop orders must be placed above the local swing high and the resistance. The 1st profit target will be the daily SMA50 and the 2nd profit target should be 1.160000 support. Risk per trade must be no more than 1-2% of the capital.
If the price breaks the resistance, the same bearish signal we will be able to get at 1.20000 resistance.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
We can see that the price is going to bounce from a resistance zone formed by the uptrend line and 1.19085 resistance level. You can see how the price moved at this trend line in the past. It is obvious that for the market this line is important and we should take it into consideration.
If the price bounces from the resistance, it will be possible to short using reversal signal from the daily and hourly timeframes. Stop orders must be placed above the local swing high and the resistance. The 1st profit target will be the daily SMA50 and the 2nd profit target should be 1.160000 support. Risk per trade must be no more than 1-2% of the capital.
If the price breaks the resistance, the same bearish signal we will be able to get at 1.20000 resistance.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Comment:
Here is an example of a short trade. The market gave us a strong trend reversal signal based on a double bearish divergence.
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