Price has been consolidating between support and resistance for a couple of weeks now.
I am taking a short position on this pair.
At this point it’s been pretty predictable in its movements so far. Price failed to make a higher high. On the weekly timeline we have reached this resistance level before and it shot down and hasn’t reached this level since February of this year and back in 2018. I believe history is repeating itself. Once it reached its previous high there was heavy selling pressure and not enough buying power to break through thus creating a downwards trend line.
It is currently overbought on the stochastic and the Mac-d indicates it will move down in the short term. This is a swing trade position I am currently in but early enough to catch.
I believe it will go lower to the major support line right below my take profit but I want to secure these pips rather than be greedy. Long term this is bullish but right now we need to retest the daily trend line and see where price wants to go from there.
This is my breakdown on this pair. This is not financial advice I am only sharing the trades I am taking.
I am taking a short position on this pair.
At this point it’s been pretty predictable in its movements so far. Price failed to make a higher high. On the weekly timeline we have reached this resistance level before and it shot down and hasn’t reached this level since February of this year and back in 2018. I believe history is repeating itself. Once it reached its previous high there was heavy selling pressure and not enough buying power to break through thus creating a downwards trend line.
It is currently overbought on the stochastic and the Mac-d indicates it will move down in the short term. This is a swing trade position I am currently in but early enough to catch.
I believe it will go lower to the major support line right below my take profit but I want to secure these pips rather than be greedy. Long term this is bullish but right now we need to retest the daily trend line and see where price wants to go from there.
This is my breakdown on this pair. This is not financial advice I am only sharing the trades I am taking.
Trade closed: target reached:
TP hit! 54 pips profit secured.