-Firstly after bouncing of 1.6000(Our key level) we have been very bearish as you can see -Also we have been putting in Lower Lows and Lower Highs -We have also cleared our key level at 1.55000 and have been putting in bearish movement -Now we are trading below 1.5500 the only smart thing to do is to sell as we can clearly see strength to the downside -The previous 4 Hour candle was a bearish hammer with a nice long wick showing us more sellers then Buyers -This candle which is just closing now is a big bearish candle which gives us more confidence that we are favouring the downside -On the four hour we are clearly downtrending so we will do the smart thing and go with the trend ... The Trend is your Friend ;) -We are also formed a head and shoulders and now we have broken the neck line this just adds to our confluences :) -We also have lots of long wicks to the upside which is a nice to help with which way price wants to go and whos in control Bears or Bulls and in this case the Bears are in control (Sellers) This pair on the 4 hour time frame is very bearish in my opinion
On the daily Timeframe -We have a clear down trend forming Of our key level 1.6000 -the previous day candle stick was a nice big bearish candle -Todays candle is froming a nice long wicked bearish hammer :) And we can see clear waves being implemented
-And the weekly we have had 3 non stop weeks of bearishness -Also on the weekly we have nice long wicks to the upside which is a nice little confluence :)
All these factors put my bias at bearish My entry is 1.53056
GoodLuck to all trading this pair with me :) P.S I MAY CLOSE EARLY BEFORE THE NEWS AT 3;30 AM GMT !
Trade closed manually
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Trade closed 5 minutes before news for a small loss of 35 pips which is minor as we are already in big profit for the week and its only been one day into the week
Thanks for sharing, hope you were in time to adjust for the long scenario.
Good trading!
jwloveyh
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des
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awesome visuals
RIZWAN-TRADINH
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like always quality setup and hopefully we should get the pips
Good trading!