Entry: Short at the current market price around 1.10396, as the pair is approaching the resistance zone.
Stop Loss: Place your stop above 1.11800 to limit risk in case the resistance fails.
Take Profit: Target 1.07653, which offers a solid risk-to-reward ratio. This aligns with previous price action and key support levels.
Why This Makes Sense:
Resistance Confirmation: The 1.11800 resistance has been tested multiple times, and price seems to be struggling to break through.
Overbought Conditions: The SMI indicator suggests potential exhaustion of the current upward momentum, adding weight to the reversal theory.
Target Support: The 1.07653 level represents a reasonable support target based on recent price swings and previous lows.
As always, ensure proper risk management, and monitor the market for any further confirmation before executing the trade.
Good luck with your trading, and remember to stay disciplined!
Stop Loss: Place your stop above 1.11800 to limit risk in case the resistance fails.
Take Profit: Target 1.07653, which offers a solid risk-to-reward ratio. This aligns with previous price action and key support levels.
Why This Makes Sense:
Resistance Confirmation: The 1.11800 resistance has been tested multiple times, and price seems to be struggling to break through.
Overbought Conditions: The SMI indicator suggests potential exhaustion of the current upward momentum, adding weight to the reversal theory.
Target Support: The 1.07653 level represents a reasonable support target based on recent price swings and previous lows.
As always, ensure proper risk management, and monitor the market for any further confirmation before executing the trade.
Good luck with your trading, and remember to stay disciplined!
Trade active
Despite the strong downtrend, I decided to manually close half of the position
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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.
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.