Friday made a new recent low breaking out of this weeks .
On my watch list - Looking for a catalyst to take a short on this pair next week.
Possible sell order at the 1.7650 zone (possibly a phycological )
If; reached and penetrated
if; catalyst candle is present
then; take trade
T1 at 1.7400
SL at 1.7650 (Friday's close)
198p/63p R/R little better than 3:1
Check news event release to be sure they don't conflict with this trade idea.
I am a new trader, studying the art of price action aka:naked trading.
I am using 1W line charts to find my major S&R zones. And to get a feel for overall trend direction.
I like to find trend channels and exploit them.
I am using a smaller than normal position size, as I need about a 60pip SL at least to avoid getting whip-sawed on this pair. That may be too small but dont have any close resistance when it triggers. So use caution - trading tops and bottoms can be risky business.
Thoughts? Please share your ideas, I am learning sponge. :)