I’m looking to short this pair anywhere between 1.09-1.10. Realistically I’ll scale in as the price rises. If the price rises.
The recent price moves seem weak to me. The fact that it’s moving within a rudimentary ascending triangle in conjunction with a volume drop off is quite telling. Divergence between the price and indicators is quite stark and all this is just ahead of the big 1.10.
As such, and with the assumption there are no severe shocks in the fundamental data coming out, I’m looking to sell this pair.
Trade is active and I’ll be scaling in if the price rises; unless the fundamental picture changes considerably.
As always, this is not a full analysis or breakdown, just a brief summary. Moreover, this is just my opinion and you should only enter a trade if your analysis favours the outcome. Opinions are just like ar5e holes, everyone’s got one and they most produce sh1t so trade with caution:)
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Trade opened 1.09102 - 7:20am GMT TP1 hit - 1.08099 (100 pips) TP2 missed - Strong rejection near 1.0800 - trade closed manually after price retraced to VWAP - 1.08343 (VWAP) (76 pips)
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New trade SHORT - 1.09213 - 4:34PM GMT
New trade SHORT - 1.09787 - 7:54PM GMT
New trade SHORT - 1.10102 - SELL ORDER FILLED - 23:10PM GMT
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Didn't quite turn out like I expected! ..but I am by no means complaining TP1 hit - 1.0803 (previous low) (118 pips) TP2 - trade closed manually - 1.0794 (near market close) (184 pips) TP3 - still active - set 1.0775 - past support
I will update in due course...
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TP3 hit -1.0775 - (235 pips) Total - 713 pips
Im staying out of this pair until I get signs of a weakening in price action, perhaps 1.07. Always cautious.
@linofx1 thank you for commenting, I don’t really post many ideas so it helps a lot. I agree. My shorts were placed on the 25/01 and 1/02. I’m not entering this pair again until 1.07 area, if it gets there.
linofx1
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not really good to enter a sell position now.... thanks for sharing 🔥