>In the 4H timeframe price was moving inside a bullish channel. Forming higher highs and higher lows.
>(i)Price has formed a higher high, with it currently testing the top trendline(resistance) and a previous (ii)resistance zone. The bears are showing a shift strength as we can now see a (iii)"shooting star" on the Daily time frame.
>We are expecting the bears to take price back down to retest the daily trendline.
I will be entering the sell at market price with my stop loss not to tight @87.795 with proper risk management applied. I will set my take profit at 83.458 and manually close 50% of my trade when price comes to 85.656.
Entry level @ Market conditions
Stop loss @87.795
Take Profit 1 @85.656
Take profit 2 @83.458
Disclaimer: This is my view on how the market could possibly play out. Forex is risky you can lose all your capital, apply proper risk management.
Your opinion would be highly valued.
>(i)Price has formed a higher high, with it currently testing the top trendline(resistance) and a previous (ii)resistance zone. The bears are showing a shift strength as we can now see a (iii)"shooting star" on the Daily time frame.
>We are expecting the bears to take price back down to retest the daily trendline.
I will be entering the sell at market price with my stop loss not to tight @87.795 with proper risk management applied. I will set my take profit at 83.458 and manually close 50% of my trade when price comes to 85.656.
Entry level @ Market conditions
Stop loss @87.795
Take Profit 1 @85.656
Take profit 2 @83.458
Disclaimer: This is my view on how the market could possibly play out. Forex is risky you can lose all your capital, apply proper risk management.
Your opinion would be highly valued.
