Another overbought market with a pinbar off the daily on the 5th of september,
Reaching a new high for 2018 at 1.77340 with a sharp retracement leaving the day to close below 1.765.
The rest of the week pulled back up slowly with the highest high on friday of 1.77120 still approx 20 pips below the 2018 high,
closing our end of the week Friday just below resistance at 1.76886.
With week bullish pressure and supporting order flow on the 4hr to expect a bearish change, leads us to our entry of 1.76271,
Stoploss at or above our yearly high for some breathing room and our take profit around a viable area ontop of price at 1.74268,
Feel free to adjust the trade for your on preference, Updates will be made when necessary.
We'll see how the market moves in recovery of a volatile week.
Happy Trading.
Reaching a new high for 2018 at 1.77340 with a sharp retracement leaving the day to close below 1.765.
The rest of the week pulled back up slowly with the highest high on friday of 1.77120 still approx 20 pips below the 2018 high,
closing our end of the week Friday just below resistance at 1.76886.
With week bullish pressure and supporting order flow on the 4hr to expect a bearish change, leads us to our entry of 1.76271,
Stoploss at or above our yearly high for some breathing room and our take profit around a viable area ontop of price at 1.74268,
Feel free to adjust the trade for your on preference, Updates will be made when necessary.
We'll see how the market moves in recovery of a volatile week.
Happy Trading.
Comment:
The day has closed on a pinbar, if respecting we can fish an earlier entry @1.77415 with a stop loss @1.78400