As you can see, here is some more simple trend analysis based majorly off of previous levels and trendines. i have highlighted 5 previous areas where price has hit the downward trendline area and bounced to the downside and I am expecting another one here. This level also lines up with my zone between 1.65972 and 65318. Price has entered this zone and the huge bullish momentum it did have has suddenly dropped as price is appearing to look for a move to the downside. I have set a relatively safe stop loss above this zone but a tighter stop could be taken near the most recent high to provide a nicer risk:reward. Lets see how this plays out.
Trade active:
Trade is going nicely now. Price moving in our direction but could potentially struggle to push through the 1.648 resistance on its first try so we will keep watching.
Comment:
Trade still moving really nicely throughout Monday. Currently about 85 pips up and still holding out for more movement down. SL set to 1.6506 to lock in our profits.
Trade closed: stop reached:
Trade hit the moved SL. Still good profit. +35 Pips