The pair reached a strong Daily and Weekly Resistance area last week and is currently staying below it. In the past when the pair reached that area, a new downtrend was formed reaching all the way down either to the Middle Level at 0.7500 to 0.7480 or even going down all the way to the Support area at 0.7330 to 0.7300. I believe we will see a new Downtrend here in the next week, so I will be looking for Sell spots. My plan is based on the H4 time frame, but the pair will be traded on the M30. As you can see I have defined 3 Sell zones, each divided by an H4 support/resistance level, where the M30 trends usually finish. You can also see that between 0.7700 and 0.7745 we have a Neutral Area. In case the pairs goes a little bit more up, before forming a new downtrend, I will not open trades in that area. I have also added a little bit, hopefully useful information on Money Management and how much to invest in each zone. Below you can find more information on the zones:
Sell Zone 1: 0.7695 to 0.7635
Sell Zone 2: 0.7625 to 0.7565
Sell Zone 3: 0.7555 to 0.7510
I will update the idea as it goes and will post Live Signals on our Twitter page.
For more information regarding our plans and trades you can check our official Blog.
Sell Zone 1: 0.7695 to 0.7635
Sell Zone 2: 0.7625 to 0.7565
Sell Zone 3: 0.7555 to 0.7510
I will update the idea as it goes and will post Live Signals on our Twitter page.
For more information regarding our plans and trades you can check our official Blog.
Comment:
An opportunity here was missed yesterday morning and the pair is currently in Sell Zone 2. I will wait for a retracement or square on M30 to look for Sell spots.
Trade active:
New Live Trade available on Twitter!
Pair made a small retracement, reaching an H4 level which was broken. H4 levels usually stop M30 trends, so after reaching the level the last candle was bearish engulfing the previous one. Good luck!
Pair made a small retracement, reaching an H4 level which was broken. H4 levels usually stop M30 trends, so after reaching the level the last candle was bearish engulfing the previous one. Good luck!
Trade closed manually:
I have updated a Close of the trade on Twitter.
The price reached very close to a strong support area and they day is coming to an end. Tonight we also have an FOMC meeting, so I don't want to take any risks.
Closed 80% of the trade and the remaining 20% were left with a SL placed at Breakeven.
Profit from the trade: 36 pips
Risk/reward ratio: 1:2
Have a nice evening all! :)
The price reached very close to a strong support area and they day is coming to an end. Tonight we also have an FOMC meeting, so I don't want to take any risks.
Closed 80% of the trade and the remaining 20% were left with a SL placed at Breakeven.
Profit from the trade: 36 pips
Risk/reward ratio: 1:2
Have a nice evening all! :)
Comment:
I am sorry - the accurate numbers from the close of the trade are as follows:
Profit: 28.8 pips
Risk/Reward Ratio: 1/1.44
Partial left of 20%
Profit: 28.8 pips
Risk/Reward Ratio: 1/1.44
Partial left of 20%
Trade closed: stop reached:
The partial that was left (20%) was stopped when the pair reached back touching our SL at Breakeven. So total of the trade is 36 pips of profit. I will continue updating with Live Signals on this pair if I see any good possibility, since the plan is still not fulfilled on 100%.
Order cancelled:
The pair managed to cover 2 of our 3 Sell zones after which it exploded up breaking the resistance area. I am closing trading on this plan and I will look for new opportunities.