KhaleemAli

EUR/USD SHORT - Evening Star/Counter Trend Line Bounce/DoubleTop

Short
FX:EURUSD   Euro / U.S. Dollar
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2
The pair has broken through the ascending 4HR trend line a while ago, and was looking to move down, it created a new 4HR trend line but this time descending. It has just touched this new counter trend line with a shooting star candle on the 1HR followed by a strong bearish candle and preceded by a strong bullish candle, this is the setup of a bearish pattern , the evening star . Also price retested the top, creating a double top on the 1HR. Bouncing from the trend line and creating a bearish pattern and the double top means i entered the trade short for a decent R/R, placing my TP at the swing low and SL above the double top .

TP @ 1.06426
SL @ 1.07157
R/R @ 2.22
Comment: Hammer candle on the daily time frame is a confluence against my analysis. Exited trade at a small profit.
Comment: Should have held the trade. The price broke out of the previous channel, bound to go down.