Nowadays I don't make trading complex anymore and it has shown results. Now to the trade of today.
My main confluences for this trade are:
(1) Ascending Triangle- as I have found of from my experiences, it's not all the time that an ascending triangle breaks upwards. This time it broke downwards signifying a downward run.
(2) Break of the TL 1- basically in forex it's common knowledge that a break in your TL signifies a change in the trend direction.
(3) Obeys TL2- here price follows the trend of TL2. implying a continuation of the downward trend.
(4) The cross of both the 21 & 8 MA- again it's common knowledge for those who use MA indicators that when the 21 & 8 cross price will probably move in that direction.
Let's watch and see what the market has in store for us!
My main confluences for this trade are:
(1) Ascending Triangle- as I have found of from my experiences, it's not all the time that an ascending triangle breaks upwards. This time it broke downwards signifying a downward run.
(2) Break of the TL 1- basically in forex it's common knowledge that a break in your TL signifies a change in the trend direction.
(3) Obeys TL2- here price follows the trend of TL2. implying a continuation of the downward trend.
(4) The cross of both the 21 & 8 MA- again it's common knowledge for those who use MA indicators that when the 21 & 8 cross price will probably move in that direction.
Let's watch and see what the market has in store for us!
Trade closed: stop reached
SL reached! we move unto the next
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.