Background:
- Bearish reversal candle (shooting star) off daily horizontal resistance resistance @ 80.7 and presented a bearish divergence formation
Entry:
- Sell stop @ 79.36 (Trade triggered in the time of writing this)
TP:
- Set at 78.0 near to 50MA support and trendline support.
- This area could be important as we are in a ascending triangle formation with buying pressure forming higher low along the trend line
SL:
- Set at 79.9 (just 10 pips above round number of 79.8)
- Bearish reversal candle (shooting star) off daily horizontal resistance resistance @ 80.7 and presented a bearish divergence formation
Entry:
- Sell stop @ 79.36 (Trade triggered in the time of writing this)
TP:
- Set at 78.0 near to 50MA support and trendline support.
- This area could be important as we are in a ascending triangle formation with buying pressure forming higher low along the trend line
SL:
- Set at 79.9 (just 10 pips above round number of 79.8)
Trade active:
Update - 4 November 2016:
- Price went down and quickly reversed to form a long wick doji
- Could the previous resistance of 78.5 (in early Aug, Sept, Oct) strong enough to push the pair higher?
- In this point of time, the bearish divergence formation still holds and hopefully the soon to released RBA Monetary Policy Statement would not messed up my trade.
- To hold on to the trade and let it plays out.
- Price went down and quickly reversed to form a long wick doji
- Could the previous resistance of 78.5 (in early Aug, Sept, Oct) strong enough to push the pair higher?
- In this point of time, the bearish divergence formation still holds and hopefully the soon to released RBA Monetary Policy Statement would not messed up my trade.
- To hold on to the trade and let it plays out.
Trade closed: stop reached:
Update - 7 November 2016:
- Price gap up and triggered my stop loss... aiks starting the week with a loss
- Price gap up and triggered my stop loss... aiks starting the week with a loss