After an over extended run to the downside, price has formed a symmetrical triangle on the 1 HR chart, potential reversal of the trend. Since daily chart is several days into its run, this is a pullback trade to roughly 0.70000, strong horizontal resistance area for a 3:1 reward/risk ratio trade setup.
My Analysis:
Daily: Over extended run to the down side, formed some reversal candles like inverse hammer candles, pull back is needed to 0.7000 resistance area before continue its downtrend. 4 Hour: Formed double bottoms, rising MACD 1 Hour: Price has found short term support and formed a symmetrical triangle, ready to break to the upside
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Here is the DAILY chart:
Trade closed: stop reached
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Price broke out of the symmetrical triangle pattern, but fall down sharper right after in the New York session, taking us out @ 1% loss. Again, losses are part of FX Trading, it's simply inevitable. Journal down all trading related information, and move on to the next opportunity.