The EUR today has been on a decline and it looks like the trend is scheduled to continue. I was looking for a double bottom around 0.72735 so that I could enter the market on a buy upwards towards previous market structure 0.72938.
But after a while it became apparent that the market was going a different way. After paying a closer look on a 15min chart, I noticed a constricting wedge pattern which indicates the market is in consolidation and might breakout on a trend continuation to the bearish side. Am hoping to ride it all the way down to previous lows of 0.71964 though the market might bounce back at resistance levels 0.72632 and 0.72525 though the former has a possibility of also becoming a support level. Stop loss will be above previous resistance levels about 0.72908 and take profits at 0.72735 and 0.727260 for short trades and 0.71963 for those willing to risk going long.
WHAT DO YOU THINK?
PS: Am a newbie and this is my first published idea. Comments and feedback especially about my thought process will be much appreciated.
But after a while it became apparent that the market was going a different way. After paying a closer look on a 15min chart, I noticed a constricting wedge pattern which indicates the market is in consolidation and might breakout on a trend continuation to the bearish side. Am hoping to ride it all the way down to previous lows of 0.71964 though the market might bounce back at resistance levels 0.72632 and 0.72525 though the former has a possibility of also becoming a support level. Stop loss will be above previous resistance levels about 0.72908 and take profits at 0.72735 and 0.727260 for short trades and 0.71963 for those willing to risk going long.
WHAT DO YOU THINK?
PS: Am a newbie and this is my first published idea. Comments and feedback especially about my thought process will be much appreciated.