We can start to look at a possible sell on this pair. We had a nice 100+ pip bullish move up last week and we can see price has stalled in this area.
From here we can look to take a sell but this all depends on how the market opens, if it opens too low we will wait and see if price pulls back a bit to allow us to enter, if not we will let the trade go and wait for the next one. However, if we open roughly where we have closed then this is a nice level as it allows us a 25 pip SL which will be just above this rejection area and should price continue up we will not be stung too much.
Forex trading is all about managing your risk and being patient. Something which takes a lot longer to understand than forex itself.
Drop me a message if you need help kick starting your journey.
From here we can look to take a sell but this all depends on how the market opens, if it opens too low we will wait and see if price pulls back a bit to allow us to enter, if not we will let the trade go and wait for the next one. However, if we open roughly where we have closed then this is a nice level as it allows us a 25 pip SL which will be just above this rejection area and should price continue up we will not be stung too much.
Forex trading is all about managing your risk and being patient. Something which takes a lot longer to understand than forex itself.
Drop me a message if you need help kick starting your journey.