MrVolcano
Short

FX00100 - EURUSD - reversal at sideways resistance

FX:EURUSD   Euro Fx/U.S. Dollar
19 0 1
EURUSD             has just completed a nice up move to the top of the side wards range where I took profits and was then on the look out for signs of a reversal. Movement so far today is bearish .

snapshot
1h shows a nice rounded top with some indecision and then bears came in.

snapshot
4h shows a pinbar rejecting the upper resistance.

Comment: An initial great start, this pair moved nicely downwards, but found support and profit taking at Fib 61% level, thereby moving price back up again (D'oh!). Very frustrating, I should have paid more attention to profit taking areas.

Price has now moved back up to just shy of where we started and it just about kissing the upper tramline again. Looks like bulls are exhausted for now and we can hopefully see some good bearish action again from here.

snapshot


This is also a good opportunity to get a better R/R so I'm going to add a second bearish position.
Order cancelled: I really should have paid more attention to the fact that the EMAs had crossed and we were now in an uptrend. I failed to notice the diagonal support channelling price in to a wedge.

snapshot


What started out as a great trade, ended up being poorly managed and losing.
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