This chart shows price at the absolute top of the downward regression channel that has been formed since September 24, 2018.
The November 7, 2018 trading session gave us a clean shooting star candlestick (indicated in neon green text), followed by a bearish confirmation candle on November 8, 2018.
After retracing back up to these 1.14 levels that were just sold into heavily, I am looking at around 3:1 or 4:1 risk/reward in shorting this pair again. Since consistent sell pressure occurred during the November 7, 2018 session and a lot of sell orders remain on that area, I would only stop loss in a breach above that zone.
Downward movement should begin immediately and speed up after Thanksgiving.
Exact price when posting this chart is 1.14051. Would've rather used 4h chart, but it didn't show the shooting star as well as the 1d.
The November 7, 2018 trading session gave us a clean shooting star candlestick (indicated in neon green text), followed by a bearish confirmation candle on November 8, 2018.
After retracing back up to these 1.14 levels that were just sold into heavily, I am looking at around 3:1 or 4:1 risk/reward in shorting this pair again. Since consistent sell pressure occurred during the November 7, 2018 session and a lot of sell orders remain on that area, I would only stop loss in a breach above that zone.
Downward movement should begin immediately and speed up after Thanksgiving.
Exact price when posting this chart is 1.14051. Would've rather used 4h chart, but it didn't show the shooting star as well as the 1d.
Comment:
Trailing stop moved to 1.146
Trade active
Trade closed manually:
Political uncertainties that may affect USD causing me to close this out early for only 0.03 profit.
Comment:
8-2-0