The weekly long-term GMMA (orange) for this pair has very recently made a bearish
cross after a long period of compression. During this period, the weekly short-term GMMA (blue) has been pointing down and the group of blue EMA's have been well spread, only showing periods of weak compression. This information indicates that there is a high likelihood that a new bearish trend
for this pair is in place. Meanwhile, price has been moving upwards in a corrective move in what is likely to be new bearish trend
, providing a good opportunity to join the train. The Stochastic
indicator show a bearish
divergence. i.e. price made a higher high, but stoch
failed to do so. In turn the RSI
seems to had broken a upwards trend line
(black line in RSI
plot), although price have not done the same yet.
Entered @ 2.1158
SL @ 2.1735 ( a little above the weekly long-term GMMA (orange))
TG @ 2
Trade management: boxes in units of risk-to-reward ration
Entered @ 2.1158 ( a little above the weekly long-term GMMA (orange))
SL @ 2.1735
Tg @ open downside level
Trade management: boxes in units of risk-to-reward ration. Stoploss is moved to break-even as soon as Order 1 hits the corresponding target level.
Lets see what happens!
Happy trading all!