This could be the end of a big pull-back on the weekly chart. On the 4-hour chart the 20 and 50 MAs have just turned to down trend,
on the Daily chart the price is currently in between the 20 and 50 MAs.
If price bounces off resistance around 1.11400 (which would be the 20 MA on the Daily chart) then the move down on the 4-hour chart could continue on to the Daily chart, the Weekly down-trend would continue.
If price bounces this could be a good place to enter a short position, between 1.113 and 1.114, with a stop-loss at around 1.116.
on the Daily chart the price is currently in between the 20 and 50 MAs.
If price bounces off resistance around 1.11400 (which would be the 20 MA on the Daily chart) then the move down on the 4-hour chart could continue on to the Daily chart, the Weekly down-trend would continue.
If price bounces this could be a good place to enter a short position, between 1.113 and 1.114, with a stop-loss at around 1.116.
Trade active
Entered at 1.13500Trade closed: stop reached
Moved stop loss to 1.11450 when I was +30 pips (at 1:1). Price came back up and took me out for a 10 pip loss. Oh well, on to the next one.
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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.