With my analysis, i used multiple support and resistance. Also the channel. With the downtrend and the channel that was created, it was highly likely for the downtrend to continue, with this happening it is easier to predict where to take profit. My entry was a little early at 1.23437, this entry was due to a wick rejection. My take profit will be at the 1.2290. I analysed on the 4hr chart. Looked at the daily and weekly to see the overall trend.
Comment:
My analysis was correct. Now we can also take profit at the next support at approx. 1.2233. However my tp that i put down was 1.2260. Just to be on the safe side.
Comment:
50/50 it tried to drop approximately at the next support zone but ended up spiking up a bit. Luckily i pulled out of the trade early and took my profit at 1.2260.
Now from what i see we are in the asian market and will be in the consolidation period. Im just going to wait for another downwards spike to occur after the asian session. will have to see a rejection at approx 1.2286 to go in for another short. if this happens tp would be 1.2230 or at approx 1.2183.
Now from what i see we are in the asian market and will be in the consolidation period. Im just going to wait for another downwards spike to occur after the asian session. will have to see a rejection at approx 1.2286 to go in for another short. if this happens tp would be 1.2230 or at approx 1.2183.
Comment:
Just did a rejection at a 1.2311 level of sup/res at the 1hr time frame. Going for a sell.
Comment:
So far shorting the pair is going very good. Expect the next tp to be at the next support zone.
Make tp 1.22360 to be safe.
Have a lovely day traders! :)
Make tp 1.22360 to be safe.
Have a lovely day traders! :)
Comment:
There seems to be a rejection wick nearing the 1.2286 support zone on the 15. 30. 1hr chart. Take notice of the next wick to come. A short entry here will be very good. Tp should be around 1.2230 support zone