We can see that price is respecting our trend line and has recently spiked through it, the current candle is a big bullish one and we can only see this level been respected again, so bearish movement from here... SIMPLICITY IS KEY.
Clear your mind of the bull#hit and trading is really simple.
We are looking at a lovely sell on this pairing with a possible retest of recent highs, in our last post we could see price following our TL down to our area, price did break this TL and we can now see price re testing our resistance level before making a move lower to our green zone.
Remember trade with patience, without this you will loose to the market, also...
Price hit resistance at the top and is now following a lovely trend line, we expect price to follow our TL down into our green zone which has previously been used as a key support and resistance area, so this is where our TP will be placed.
This trade will give us 100+ pips, but if you take this trade please remember to use correct risk management.
So go SHORT...
1.80551 area is acting as historically strong resistance and price is respecting a bearish trendline, At the moment price is touching both our trendline and resistance level so this is a strong sell, providing there is no market gap at open tonight.
If a market gap to the upside happens we will stay out of this trade and see how the market plays out tomorrow as...
I have been waiting for this opportunity since yesterday morning. A pullback to the 50% fib level was achieved along with a perfect shooting star and trend line rejection on the 2hr. I will be taking this down to retest structure at 1.78500 support area with a nice R:R
this morning we could have a chance to get involved in this trade. Now i'm going to explain you why:
first of all, the big yellow box represents a daily structure level, this level happens to line up pretty well with the 618 retracement of the bigger daily leg.
In this cases i seek for trading opportunities down on lower timeframes: on the hourly chart...