- After the failed divergence attempt near the weekly resistance 1, the price has then formed multiple reversal candle at the weekly resistance 2
- The 3rd reversal is quite as the took out new high since 2014 and tried to forced a new low of recent days
- As above, it seems like could serious in taking down this pair
- Sell Stop set at 15pips lower than the low @ 1.0195
- Set at previous swing low and round number @ 1.0
- Set at 50% fib of the
- if trade triggered, pay attention at price reaction at channel , 20MA support and weekly resistance turned
- First day of the trading week gaped down and closed a bullish candle, closing the gap at the 20MA and trendline support
- If today does not show any indication of bearishness in play, i would consider to exit the trade with minimal losses :(
- Yesterday candle close a bearish engulfing pattern, close lower than the 15 November bullish candle. It is also a bearish reversal candle too
- It seems like bear is out now and we would probably see a possible short term bear market
- Now we have passed the 20MA support and trendline support test, the next support threat will be the 50MA support
- Keep holding on to the trade until any bullish price action (near 50MA)
- Woh, the bear has been real busy for this pair. The previous daily session closed a bearish marobozu, closing below the 50MA resistance and weekly support 1 @ 1.01
- As such, i will keep holding on to the trend.
- Possible risk for this trade is that AUS data turned out good and the price might consolidate at the 50MA support or have a short bull run.
- Therefore, i have moved my SL to my entry level in anticipation of the soon to release AUS employment data.
- Hopefully, the bear will continue as i have 50pips more to reach my TP.
- Finally, bear did a push and my target was achieved, with a 190pips gain :)
- Price could now fall to the channel support, and i dont foresee myself revisiting this pair anytime sooner after next week.