FullTimeTrader
Short

USDSGD-continuing the downtrend

FX_IDC:USDSGD   US DOLLAR / SINGAPORE DOLLAR
849 9 14
Hello, after forming the first lower low this pair is oficially on downtrend. I think the last upside move is just a correction and price should continue the downtrend long term.

We can use this setup to enter short, we have:

- EMA 55 as resistance
- round level 1.400 as resistance
- convergence divergence combination (not shown)
- previous wave 4 as resistance.

Use your prefered trade management system
Best regards.

*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
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nice, i was thinking of looking into it. thanks for confirming for me!
+1 Reply
I think it is a trade!
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hi FTT do you use mt4 trading or web based trading software? I am starting up and wanted to get some advices.
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FullTimeTrader SaifurRahman
Definitely i prefer a software that works apart, i use MT4, it has more tools available right now (indicators, etc. ) . Web trading is something new.
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Looks like we are midway through an ABC correction at the end of the wave-5 to my naive eyes. Histograms are green and mean-reverting (albeit still below the zero line). Price bounced off 8 period EMA on the weekly (only Tues). I would be wary of the short-set-up just yet...you want a better price (like 14200).
Patience my friend.
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Always follow you,sir. Good luck!
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Hi. Are you still in this trade? may I know your stop loss level?
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Hello, im still in. After the news we had an spike but overall nothing changed for the USD and this pair, i expect a long term decline. Before the news i managed manually a trade to avoid a spike. I use a "cataStrophic SL", lets say 1.42. If price reache this level meand the impact of the new was too big to hold this trade. I this case the impact was low. Regards.
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I would short it right now. 76.4 retrace (B in the ABC) take profit at 127 extension / wave 4 bottom
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