I am short for the following reasons:
1) Weekly + daily downtrend with clear lower highs and lows.
2) Price is bouncing nicely between key areas of support and resistance and respecting these levels.
3) We've had a restest of 1.0560s resistance level with a massive spike/shooting star candle on the daily chart - completion of a lower high.
4) This shooting star candle has been engulfed today by the daily candle which has broken minor support and closed below it.
5) EMA/MA crossover on the 4 hour chart to the downside - EMA/MA alignment on all timeframes that I compare.
A trade with good risk/reward ratio.
1) Weekly + daily downtrend with clear lower highs and lows.
2) Price is bouncing nicely between key areas of support and resistance and respecting these levels.
3) We've had a restest of 1.0560s resistance level with a massive spike/shooting star candle on the daily chart - completion of a lower high.
4) This shooting star candle has been engulfed today by the daily candle which has broken minor support and closed below it.
5) EMA/MA crossover on the 4 hour chart to the downside - EMA/MA alignment on all timeframes that I compare.
A trade with good risk/reward ratio.
Trade closed: target reached:
100 pip profit ,minus 36 for previous SL = 64 pips profit.
Re-entered trade immediately.