Mandeep.Singh
Short

EUR/USD - Short Trade

FX:EURUSD   Euro Fx/U.S. Dollar
186 6 8
1) Looking at the bigger picture first, we had a very bearish week last week and this week's outlook seems to be similar.
2) On the daily, We are currently in a downtrend with lower highs and lows.
3) Price has broken key support around 1.08622 as well as next support of 1.07363.
4) The last 7 days of price action have all been bearish and I believe we will continue to roll over until 1.05200.
5) EMA/MA crossover back to the downside on daily chart .
6) Price tried to climb back higher after break of support area but long upper wick signifies selling pressure.


Trade closed: target reached
Great chart mandeep, looking to long from the bottom myself
Long setup based on harmonics and structure

Ax
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@Fxtoronto, Cheers buddy, charts looking good!
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IMO this is a bad area to open up a short and your stop is just before the weekend gap which is still unfilled.

EU is sitting on its last major TL and given how good retail sales were it still failed to make a lower low

snapshot


I would at least wait for the TL to break before entering.
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@ddp922, Thanks for your comment.

Price action signifies nothing but downward momentum, there is nothing that indicated to me at the time the trade was executed that we would reverse. As you have probably seen, we've continued to the downside. Your trend line is outweighed by the many other confluences that show bearish pressure.
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smashed it bro!
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Mandeep.Singh PRO DavidMarcy_TradeHuntFx
@DavidMarcy_TradeHuntFx, Appreciate it bro, hope your week went well!
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