First and foremost, all of my trades are taken with the help of a useful software/algorithm named "Dashboard". I didn't create nor do I own this software/algorithm, I came across it a few months ago and gave it a whirl on my demo acct. I had some decent results and now I'll be further testing it out with a small account I opened. Now, without further ado, MY ANALYSIS!!!
The way Dashboard works is that the algorithm is able to detect "Peak Formation Highs" (PFH) and "Peak Formation Lows" (PFL) in a Market Maker's cycle. I got notified that a "PFH" formed on this pair and with further inspection noticed 3 things almost immediatley on the chart.
NUMBER 1: Bullish Hidden Divergence! I spotted this on the 1 hr time frame where price was making a "Lower High" while my "Money Flow Index" produced a higher high. Seeing this was my second confirmation that price will soon fall.
NUMBER 2: Price has continuously rejected from the 1.18909 region several times, though it broke through on the 4th touch, it immediately fell back down. This was my 3rd confirmation that price would not be able to continue any further bullish moves and would eventually succumb to the bears.
NUMMBER 3: At the 1.18930 region on the 15min timeframe my "Slow MA" began to extend outside of the bands on my TDI indicator. Now what my SMA showed wasn't necessarily a shark fin, though it still appeared to be a good entry point where i placed my sell.
Lastly, I'm guessing that by the end of the day or next morning my profit target SHOULD have been reached. The market is forming a wedge pattern and price has consolidated enough (in my opinion) to where it should fall nicely.
EURUSD
The way Dashboard works is that the algorithm is able to detect "Peak Formation Highs" (PFH) and "Peak Formation Lows" (PFL) in a Market Maker's cycle. I got notified that a "PFH" formed on this pair and with further inspection noticed 3 things almost immediatley on the chart.
NUMBER 1: Bullish Hidden Divergence! I spotted this on the 1 hr time frame where price was making a "Lower High" while my "Money Flow Index" produced a higher high. Seeing this was my second confirmation that price will soon fall.
NUMBER 2: Price has continuously rejected from the 1.18909 region several times, though it broke through on the 4th touch, it immediately fell back down. This was my 3rd confirmation that price would not be able to continue any further bullish moves and would eventually succumb to the bears.
NUMMBER 3: At the 1.18930 region on the 15min timeframe my "Slow MA" began to extend outside of the bands on my TDI indicator. Now what my SMA showed wasn't necessarily a shark fin, though it still appeared to be a good entry point where i placed my sell.
Lastly, I'm guessing that by the end of the day or next morning my profit target SHOULD have been reached. The market is forming a wedge pattern and price has consolidated enough (in my opinion) to where it should fall nicely.
EURUSD