I've been waiting for this counter-trend to turn back around in the direction of the 4-hour 200-EMA. Here's why I think this thing can be bearish for at least 80 pips or so...
Going to continue to monitor this trade. There's no high impact economic news today so no need to worry about fundamental volatility affecting the technical charts of this pair.
- Resistance zone tested three times
- Price re-tested the trend-line breakout and could not soar any higher
- over-bought signal on the MFI indicator below
- MFI showing decreasing demand which often results in falling prices
Going to continue to monitor this trade. There's no high impact economic news today so no need to worry about fundamental volatility affecting the technical charts of this pair.
Trade closed: target reached
Closed out my positions with 33.7 pips in profit. Feeling great about the play, I probably could have held it a bit longer but I noticed on the 4-hour chart the MFI is now in the oversold region, so I can't complain about taking a profit.
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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.