The chart shows clearly what I am looking at here. We have the impulse wave down breaking below the support zone and now I am looking for a sell opportunity in this pair. I will then aim to ride the wave down to the longer term trend line below!
I am looking for a pullback up to the support/resistance area before awaiting confirmation on a sell trade. If price...
Looking into the weekly chart we can see that there is a strong overall down trend for this pair. As we come into our lower time frames the Daily/ 4hr we have a smaller bullish trend taking place inside of the overall trend. Do too fundamentals which took places yesterday we had a strong down movement in this pair which has bought us back too the bullish trend...
Took me out for -1.67%
I still stand on my analysis. Short again.
It is important to risk manage so even if my trades end up in losses, i cant still trade another day!
IVE LEARNT THAT THE HARD WAY TRUST ME :).
The exchange rate apparently performs wave movement on the MA (100,200) axes. These waves consist of ATR proportional fractal sequences. In the event that this movement persists, you may want to take a short position with a target price of 0.7431.
Nice and easy setup this. Price is respecting the trend line and bounced in each occasions. Added bonus the price is at a major level where it has reacted almost in each case. I've gone short and marked the tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
This pair is in an overall downtrend and we may see price re-test the zone i have marked with the grey line to potentially break bearish and make new lows.
Entry - grey line
Stop loss - red line
Take profit - green line
Risk exposure - 1%