Looking to short GC at 1.738 - 1.74 area on 38 fib level and EMA bunch and descending TL.
SL at BE at 50 pips
TP1 - 1.7250
FINAL TP - 1.6860 - 1.6880
Use risk management according to your own strategy.
We saw a break of the bullish trendline last week which could indicate some consolidation / bearish pressure.
I have a high risk sell on the new daily support at 0.656 area, targeting 0.628 - 0.63.
If price breaks above the resistance my next pending order is at 0.6645 - 0.6655.
If price breaks and closes above top resistance and 200EMA trade is lost.
Price has failed to close above the 1.767 plenty of time on the daily TF if we see a close above 1.767 we can expect more movement to the upside.
I expect price to test the previous wick high area 1.78. After reaching this area we should see some consolidation back down to retest the 1.767 area which is a good area for a buy hoping to reach 1.8.
If price fails to...
This is my first published article on tradingview, I am not experienced however I am learning so would appreciate any and all advice
I will be taking a buy on 38.2 fib level (~1.96880)
TP1 - 1.97180 (30 PIPS)
TP2 - 1.97380 (50 PIPS)
TP 3 - TBD
Please let me know what you think of my idea!!