BluePipSquad

EURHKD Sell Idea

Short
OANDA:EURHKD   EUR/HKD
I spotted a beautiful setup on this one. We are just coming off of a nice long up trend. The market structure has shifted nicely into a down trend after breaking out from distribution previously. Price plunged to the down side on the breakout and has created a very nice up bear flag as it pulled back up to retest the bottom of the range. That along with confluence from the MACD hidden bearish divergence confirms that price remains very bearish . We can see price is already rejecting at the top of the flag. To confirm we need only wait for the breakout. There a couple ways to enter. You can enter now and put a stop above if you are aggressive or you can wait for the breakout as stated previously. One more option is using a sell stop order below the flag to catch the breakout if you are unable to monitor your entry. Should be a beautiful trade with nice drop if it plays out as predicted. Always manage your risk and use a stop loss. This is for entertainment purposes only. I am not a financial advisor. Trade at your own risk. Good luck!

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