As you can see this pair is trading within a channel for a while now which is a good thing. Recently we had nice push up and we are almost close to the upper band which also a strong resistance level. Hence I'm anticipating a trend reversal from that point and placed a sell order based on that and expected to reach short term target. I have marked the tp and sl for you as well. Please make sure to lookout for a bearish engulfing candle at least on the 1h chart at the upper resitance level before going short on this.
The sl is place just above the previous high.
Let me know your thoughts.
Trade safe and good luck.
Order cancelled
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Price action didn't create any bearish engulfing candle instead just shoot up hence no trade taken.
What are your thoughts on holding sell trade over weekend?
BannaKhan
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@Joshuastley, I hold my trade until the tp or sl has been hit hence holding over the weekend doesn't really matter provied you have a set tp and sl in place for all of your trade. Is is all about risk management. Hope this is helps.
Joshuastley
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Thanks for the reply, yeah I appreciate that I’ve been trying to improve on how long to hold trades for so I will take your response onboard , thanks again
I think it will be a long as it is Making higher highs and not breaking the lows at the moment. I could be wrong though
BannaKhan
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@samster160901, It is actualy making lower highs and lower lows. Made lower highs on 22nd April again on 3rd May, also made lower lows on the 30th April and again on 10th May. If it touch and bouces of 1.81500 then it would make another lower highs and then push down to make another lower lows.