A potential short setup has occurred as price retests historical monthly support and resistance level at 0.73000. Look for a break below the short term uptrend phase line and a rejection of the 0.73000 level and upper trend line. Set stop loss a few pips (10-20) above previous high of 0.73500 and look for initial target of 0.71500 and second target of 0.7000.
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First target of 0.715000 pips reached. If you entered short after the daily candle closed below the trend line at 0.7262 then you'd have banked a tidy 162 pip profit in 4 days (minus the spread).
For target 2, close the position at 0.75000 and wait for a pull back, or just continue to hold your position for a hyper trade and place your stop loss at break even.
Trade closed: target reached
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Hi guys,
As you can see from the chart, the second target of 0.70000 has been reached. Price found resistance at 0.71500, made a pullback, and continued toward 0.70000.
Another 150 pips added to the bank :)
This was the first trade I posted on TradingView a month ago, so I'm made up that it wend exactly the way I anticipated. Stay tuned for more simple and effective analysis.