Update: Cancelled this trade due to FOMC today.
A simple trade based on short-term trend identification.
The assumption is:
If the bearish trend to remain in play, the latest swing high and resistance area from 1.0640-1.0683 should hold. Having said that, a short position based on this assumption is favored. Supported as well by the falling trend line for the ongoing bearish wave. In addition to Stochastic nearing overbought area, which usually a shorting signal when the price is trading in a bearish trend.
Chances of trade Invalidation will significantly increase if the price manages to take and hold above the 1.0682 swing high and the falling trend line. As our structure of lower highs and lower lows could be damaged and the reasoning behind the trade will not be valid anymore. Therefore, I have put my stop loss just above that resistance area.
Thank you for reading , be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
------------------------------------------------------------------------------------------------------------------------------------------------------------
Good luck, keep your stops tight..
twitter.com/thefxchannel
www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician
A simple trade based on short-term trend identification.
The assumption is:
If the bearish trend to remain in play, the latest swing high and resistance area from 1.0640-1.0683 should hold. Having said that, a short position based on this assumption is favored. Supported as well by the falling trend line for the ongoing bearish wave. In addition to Stochastic nearing overbought area, which usually a shorting signal when the price is trading in a bearish trend.
Chances of trade Invalidation will significantly increase if the price manages to take and hold above the 1.0682 swing high and the falling trend line. As our structure of lower highs and lower lows could be damaged and the reasoning behind the trade will not be valid anymore. Therefore, I have put my stop loss just above that resistance area.
Thank you for reading , be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
------------------------------------------------------------------------------------------------------------------------------------------------------------
Good luck, keep your stops tight..
twitter.com/thefxchannel
www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician
