Analysis:
-So we have seen eurusd push up for some time, and at the moment we can possibly see a double top forming.
-Our RSI indicates that this pair is overbought on the 1D,4HR,2HR charts
-We have a major resistance on the 1&2HR charts at 1.595 ZONE
-our next major support is at 1.15425 ZONE
-The pair is in an upwards trend so we wait for confirmation to sell
-CONFIRMATION == resists the resistance zone and breaks the channel, then we sell
-We can expect this pair to come down and test the channel support line ,if it breaks the upwards channel the pair can push down till 1.1547
-with this setup we have a small risk, high reward setup
-1:3 RISK:REWARD ratio
Leave a like and feel free to comment your thoughts
-So we have seen eurusd push up for some time, and at the moment we can possibly see a double top forming.
-Our RSI indicates that this pair is overbought on the 1D,4HR,2HR charts
-We have a major resistance on the 1&2HR charts at 1.595 ZONE
-our next major support is at 1.15425 ZONE
-The pair is in an upwards trend so we wait for confirmation to sell
-CONFIRMATION == resists the resistance zone and breaks the channel, then we sell
-We can expect this pair to come down and test the channel support line ,if it breaks the upwards channel the pair can push down till 1.1547
-with this setup we have a small risk, high reward setup
-1:3 RISK:REWARD ratio
Leave a like and feel free to comment your thoughts
Trade active:
Selling now
Tp: 1.508
Sl: 1.6077
Tp: 1.508
Sl: 1.6077
Comment:
I closed my position I gained 5% of my account, you can keep it open if you want or go into a risk free trade(put SL on entry)