If we zoom in on the top of the trend, we are going to notice that the volume traded decreases as it goes higher (In fact, bearish candles have more volume).
We see a bearish engulfing candle right in the top of the trend which is a very strong reversal pattern. Price already reached the weekly trend-line (green) and it couldn't stay longer than 3 hours to consolidate above 0.6900. In fact, in 10 pips are not enough room to consolidate over there so there is a chance for a higher retest That's why I am considering a large SL. Finally, we are going to place our TP at the 0.382 which matches our weekly support.
I hope my analysis is useful for your next trades
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100% Forex Market
We see a bearish engulfing candle right in the top of the trend which is a very strong reversal pattern. Price already reached the weekly trend-line (green) and it couldn't stay longer than 3 hours to consolidate above 0.6900. In fact, in 10 pips are not enough room to consolidate over there so there is a chance for a higher retest That's why I am considering a large SL. Finally, we are going to place our TP at the 0.382 which matches our weekly support.
I hope my analysis is useful for your next trades
Don't forget to hit the like button, I really appreciate it
Follow me for more ideas
100% Forex Market
Trade closed: target reached:
Take your profits and wait for the bounce to go short again.
Good luck with your next trades.
Good luck with your next trades.