This idea is based on Price Action.
Seeing as on the Daily chart we have a Double Top in the form of a "Moolah" we have a high chance of a sell. The Double Top has a lower low with the second touch of the Weekly resistance zone which is shown by the 2 horizontal lines in blue and a bearish engulfing candle has formed on the daily chart so we are in for highly probable sell. I will be waiting for a retest of the "Minor Broken Support Zone" before I take my trade with a Stop Loss above 1.1300 with my first profit target being "Minor Support Zone 1" at the price of 1.1200 however I expect further movement to the downside. These kind of movements do take a bit of time so price reaching "Minor Support Zone 2" at 1.1100 will be awhile however that is my goal.
Please like if you agree and comment with your thoughts :)
Seeing as on the Daily chart we have a Double Top in the form of a "Moolah" we have a high chance of a sell. The Double Top has a lower low with the second touch of the Weekly resistance zone which is shown by the 2 horizontal lines in blue and a bearish engulfing candle has formed on the daily chart so we are in for highly probable sell. I will be waiting for a retest of the "Minor Broken Support Zone" before I take my trade with a Stop Loss above 1.1300 with my first profit target being "Minor Support Zone 1" at the price of 1.1200 however I expect further movement to the downside. These kind of movements do take a bit of time so price reaching "Minor Support Zone 2" at 1.1100 will be awhile however that is my goal.
Please like if you agree and comment with your thoughts :)
Trade active:
This pair ended up forming a H&S in actual fact. Price kept rising yesterday so I only entered at 1.1320 and now price is approaching my first TP of 1.1190 however I feel bears will lose steam around 1.1210 so I will be closing partials around that area. This was a weird one but a nice 70 pip profit already bagged and positive fundamental news made it better. Will monitor to see whether or not I will close manually or let it hit my target :)