We sold this position for a target of +50pips and exited early at +35pips after we found strong resistance on the 4-hour EMA50. Lower timeframes suggests a sharp pullback and as we look back over the charts we can see the EMA50 has historically provided a solid ground for dynamic support & resistance.
With this in mind and the higher timeframes being overall bullish. I decided to exit my short position early and take this opportunity for an early entry into a long position. I anticipate a bullish break of the current wedge, in which price is now moving back up into as we speak.
My entry is @ 111.544 - for now, I have taken a very small position and I will look to add to this position, where possible, as the trade develops.
Daily View:
4-Hour EMA50 View:
4-Hour View (Strong Support/Resistance Level):
15-Min View:
Trade closed manually
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Closing this -45pips after breaking to the downside. This setup is now invalid.