This pair broke the "up" channel it was in last week and is now below a possible previous structure S/R zone (daily candle close below that zone, at least in my timezone...).
I have therefor turned bearish on this pair.
I am entering now at market and will possibly add additional shorts (see trades on chart) after a possible retracement into or just above the mentioned S/R zone.
My SL is safely above 1.7500, but I will trail it lower asap, with the "down" trendline drawn on the right chart as a guideline. People who prefer a tighter SL might consider having it just above the daily breakout candle wick and certainly above 1.7400, say 1.7455 or so (which lies around the 23.6% retracement of the last big move up if you count the spike on August 24th).
3 possible targets for me:
1. The .382 retracement of the last big move up if you count the spike on August 24th (50%)
2. The .382 retracement of the last big move up if you discard the spike on August 24th (30%)
3. The .50 retracement of the last big move up if you count the spike on August 24th (10-15%)
A small part (5-10%) can be left open in case we go even further down.
My position size will be adjusted that the maximum risk after adding additional shorts will be only 1% of my current equity.
I have therefor turned bearish on this pair.
I am entering now at market and will possibly add additional shorts (see trades on chart) after a possible retracement into or just above the mentioned S/R zone.
My SL is safely above 1.7500, but I will trail it lower asap, with the "down" trendline drawn on the right chart as a guideline. People who prefer a tighter SL might consider having it just above the daily breakout candle wick and certainly above 1.7400, say 1.7455 or so (which lies around the 23.6% retracement of the last big move up if you count the spike on August 24th).
3 possible targets for me:
1. The .382 retracement of the last big move up if you count the spike on August 24th (50%)
2. The .382 retracement of the last big move up if you discard the spike on August 24th (30%)
3. The .50 retracement of the last big move up if you count the spike on August 24th (10-15%)
A small part (5-10%) can be left open in case we go even further down.
My position size will be adjusted that the maximum risk after adding additional shorts will be only 1% of my current equity.
Trade closed: target reached:
TP1 and TP2 reached, closing the rest now (1.6350) as we might be hitting some support.
GREAT TRADE!!
GREAT TRADE!!
