In our previous report, our team mentioned that we had set a pending sell order at 1.1362 with a stop placed at 1.1432. As you can see, this order was recently filled and is currently sitting in the green. For those who missed the report, here’s our reasoning behind our current trade:
• H4 Quasimodo resistance at 1.1382.
• Nice-looking H4 harmonic bearish Bat pattern which shows completion around the 1.1367ish range (H4 88.6% Fib resistance/H4 161.8% Fib extension).
• Psychological resistance at 1.14.
• Daily supply area at 1.1446-1.1369 which encapsulates the H4 Quasimodo sell line.
• Daily trendline resistance (1.0821) which fuses beautifully with the H4 Quasimodo sell line.
• And finally let’s not forget that all of the above is housed within a weekly resistance area given at 1.1533-1.1278.
Well done to any of our readers who sold alongside us!
Pushing forward, we have an initial target objective set at the 1.13 handle, which, in our opinion, should easily be achieved today. Ideally, we’ll be looking to reduce risk to breakeven here and take 50% of the position off the table before the week’s close, as we absolutely despise leaving open positions live over the weekend! Our final take-profit target for this sell can be seen around the H4 support line coming in at 1.1237, due to this barrier lurking just above the daily support area drawn from 1.1224-1.1104 – the next downside target on the daily timeframe.
• H4 Quasimodo resistance at 1.1382.
• Nice-looking H4 harmonic bearish Bat pattern which shows completion around the 1.1367ish range (H4 88.6% Fib resistance/H4 161.8% Fib extension).
• Psychological resistance at 1.14.
• Daily supply area at 1.1446-1.1369 which encapsulates the H4 Quasimodo sell line.
• Daily trendline resistance (1.0821) which fuses beautifully with the H4 Quasimodo sell line.
• And finally let’s not forget that all of the above is housed within a weekly resistance area given at 1.1533-1.1278.
Well done to any of our readers who sold alongside us!
Pushing forward, we have an initial target objective set at the 1.13 handle, which, in our opinion, should easily be achieved today. Ideally, we’ll be looking to reduce risk to breakeven here and take 50% of the position off the table before the week’s close, as we absolutely despise leaving open positions live over the weekend! Our final take-profit target for this sell can be seen around the H4 support line coming in at 1.1237, due to this barrier lurking just above the daily support area drawn from 1.1224-1.1104 – the next downside target on the daily timeframe.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.