After a week post-Brexit, the markets have finally started to normalise.
Daily chart: price has just broken down and out of trendline, did a pullback and resumed downward movement yesterday. Those who entered the trade can set their Stoploss (SL) at 1.12491 with Take Profit (TP): 1.08152
4H: We can see how nicely the price touches the trendline that acted as former support and now resistance. the 12EMA crossed down over the 36EMA signalling and entry point.
1H: Price is now on short term support and may pullback to the 36 EMA, providing 2 possible entry points for 2 differrent risk appetites. One can enter after the 36 EMA has completed and the downward move resumes. This however will carry much more risk for possible price reversal as well as a pullback on the higher time frame (TF) which could knock out tight SL and bigger SL will put the account at a greater risk.
A better option would be to wait for the support to break and a pullback to test the new support turn resistance strength before shorting this pair.
Daily chart: price has just broken down and out of trendline, did a pullback and resumed downward movement yesterday. Those who entered the trade can set their Stoploss (SL) at 1.12491 with Take Profit (TP): 1.08152
4H: We can see how nicely the price touches the trendline that acted as former support and now resistance. the 12EMA crossed down over the 36EMA signalling and entry point.
1H: Price is now on short term support and may pullback to the 36 EMA, providing 2 possible entry points for 2 differrent risk appetites. One can enter after the 36 EMA has completed and the downward move resumes. This however will carry much more risk for possible price reversal as well as a pullback on the higher time frame (TF) which could knock out tight SL and bigger SL will put the account at a greater risk.
A better option would be to wait for the support to break and a pullback to test the new support turn resistance strength before shorting this pair.
Trade active:
Entry: 1.1123
TP: 1.0815
SL: 1.1249
TP: 1.0815
SL: 1.1249
