Pros:
1. For the last year we have had a downtrend and i don't see reason at the moment why it should not last longer. In that case move up could be only a bigger correction, so i think now is good place to look for sell entry.
2. There is a chance that the top of correction was last week and we are testing trendline second time.
3. R:R is nice, overnight swaps too.
Cons:
1. The move could be not finished yet.
2. Every trend ends someday, could it be it is now?
3. US elections could trigger SL - tight SL (SL could be 0.726 to avoid fast moves, but RR would be much lower. I can re-enter any time)
4. Mr Trump, who want to see weaker USD
Entry: At market (0.723)
SL: around 0.7241. After breaking 0.718 move SL to BE and maybe take partial profits.
TP: the bottom of downtrend or even lower - 0.7
Good Luck!
1. For the last year we have had a downtrend and i don't see reason at the moment why it should not last longer. In that case move up could be only a bigger correction, so i think now is good place to look for sell entry.
2. There is a chance that the top of correction was last week and we are testing trendline second time.
3. R:R is nice, overnight swaps too.
Cons:
1. The move could be not finished yet.
2. Every trend ends someday, could it be it is now?
3. US elections could trigger SL - tight SL (SL could be 0.726 to avoid fast moves, but RR would be much lower. I can re-enter any time)
4. Mr Trump, who want to see weaker USD
Entry: At market (0.723)
SL: around 0.7241. After breaking 0.718 move SL to BE and maybe take partial profits.
TP: the bottom of downtrend or even lower - 0.7
Good Luck!
Trade closed: stop reached:
- 10 pip. I will wait and maybe re-enter later after price will come back under 0.7213. For now it is very bullish.