Hi Traders,
The higher timeframes of this pair indicates downtrend, so we are looking for short positions. A good and safe trade setup would be to enter a short position when price close below the highlighted zone (1.16554 - 1.16478). If the breakout candle touches or breaks the 1.16401 levels (Yellow) its better to wait for a retracement candle. The target can be either 10 - 20 pips, but we have a good support at 1.16307 levels (Red).
For queries pls comment below and do like and follow...
Happy Trading
The higher timeframes of this pair indicates downtrend, so we are looking for short positions. A good and safe trade setup would be to enter a short position when price close below the highlighted zone (1.16554 - 1.16478). If the breakout candle touches or breaks the 1.16401 levels (Yellow) its better to wait for a retracement candle. The target can be either 10 - 20 pips, but we have a good support at 1.16307 levels (Red).
For queries pls comment below and do like and follow...
Happy Trading
Comment:
at the time of entry, the 50 sma has to be above.
Comment:
The stop loss can be placed above the highlighted zone but this setup is considered a loss only if a candle close above the highlighted zone.