Reason for shorting :
1. MACD nicely cross over
2. Strong bearish engulfing candle
3. Price closed below 21 EMA
4. Unemployment rate 5.9% vs 6.3% previous, improvement in GDP 0.2% vs -0.1%, PMI 58% vs 56.6 forecast
I am expecting some pull back , probably to price zone of 1.275 before shorting this pair. It has fallen 1.64% or more than 200 pips upon the news release of its Q3 performance (look at lower time frame , 1H). Also, it has formed a nice support level of 1.268, so breaking it down requires some time.
In buying, we want to buy low sell high. In shorting, we want to sell high buy low. So, to sell high, we must await the price to pull back first then at higher ground we take our position. Chasing price means suffering from paper losses due to pull backs and may require a higher SL margin. All in all, this is risk management that one has to consider.
Hope we have a fruitful sale.
1. MACD nicely cross over
2. Strong bearish engulfing candle
3. Price closed below 21 EMA
4. Unemployment rate 5.9% vs 6.3% previous, improvement in GDP 0.2% vs -0.1%, PMI 58% vs 56.6 forecast
I am expecting some pull back , probably to price zone of 1.275 before shorting this pair. It has fallen 1.64% or more than 200 pips upon the news release of its Q3 performance (look at lower time frame , 1H). Also, it has formed a nice support level of 1.268, so breaking it down requires some time.
In buying, we want to buy low sell high. In shorting, we want to sell high buy low. So, to sell high, we must await the price to pull back first then at higher ground we take our position. Chasing price means suffering from paper losses due to pull backs and may require a higher SL margin. All in all, this is risk management that one has to consider.
Hope we have a fruitful sale.
Comment:
nice fall
Comment:
Watch price action .selling seems to weaken, bulls might take over soon