FOREXCOM:HKXHKD is still in Seller's territory and now is a good time to short.
Purely Price Action setup and here is my personal trade opinion:
Sell Limit at 23,891
Stop Loss at 24,400
Take Profit at 22,589
Risk Reward Ratio = 2.63R
Disclaimer :
The analysis above for educational purposes only, I do not responsible for your losses. Please adjust your own...
The FOREXCOM:HKXHKD prices had been consolidating for quite a while and not creating any higher highs (HHs). Yesterday was a good setup to short after the compression was done, but I failed to catch it.
This morning, I saw another good opportunity to short with a condition that the price will close at 24,190 area.
Here is my personal trade opinion :
Sell Stop...
wait for some bear signal in the hourly to short HKXHKD. The move from the zone make the four hour trend a down trend right now, with a nice pull back, we might see some sellers get in and we might sold off next few days. Overall, still waiting for some confirmation in hourly candles.
All these predictions are made by Quantitative Analysis Algorithms following short term trends. These Quantitative Analysis Algorithms will calculate maximum correction relative to previous impulses.
Relative to previous bullish impulse we are now in a bearish correction. So algorithm expecting a short term bullish impulse.
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