PROS - Retest of strong support on monthly - Stoch RSI showing overbought on both monthly and daily - Slight bearish MACD divergence on daily chart - Head and shoulders pattern forming on both weekly and daily Waiting to break neckline at roughly 0.77500 before entering short. THOUGHTS? THUMBS UP IF YOU AGREE
Pros - Stoch RSI oversold on the monthly, weekly and daily. - High test of both trendline and support - Double top on monthly chart. - Bearish MACD divergence Cons -Trading against the trend - Limited risk/reward before next support level at 1.14000 Planning to wait one more day to see what tomorrows daily candle shows. Possible trend change at this...
Enter at $8.20 , with stop loss at $7.79 and profit target at $9.02 . No fundamental analysis, just custom-made technical method. High probability bullish.
So in order to protect yourself from major losses when trading in Forex, often times you might want to hedge your trade by placing the opposite order for a similar pair. This is an example of such situation , we have a perfect wave set up over on the Eur/Jpy charts that we entered earlier today. While that trade is still open , sometimes i get nervous about...