On the higher time frame ( Daily ) we recently broke the structure of a lower trend line. When this happens traders normally wait until a retest of that trend line in order to make a decision to hop on for trend continuation. This is all i did here, but instead of just waiting for a retest of the trend line, i have put a few other rules in my plan for when this happens just to give me a little more conformation that my analysis is correct ( more than it is incorrect ). Upon this retest we have put in a double top with RSI divergence at previous support levels and at a previous trend line that could in fact become a new resistance level. These are the reasons i am currently short this pair. I hope you enjoyed the analysis! Hit the thumbs up for me and if you would like to see more analysis like this then check out my YOUTUBE channel for live trades and lessons on some of the strategies i use in the markets.
LINK: www.youtube.com/chan...9ubdGcvZh_dvSV2z1hoQ
LINK: www.youtube.com/chan...9ubdGcvZh_dvSV2z1hoQ
Trade closed: target reached:
target 1 hit. Stops moved to break even
Trade closed: target reached:
target 2 reached. Just did a video on the analysis behind this trade so check it out at LINK: www.youtube.com/watch?v=J4Xwx6GC...
