The pair has reached a critical Daily & H4 price zone.
It has now started consolidating on the H1 chart and we are waiting for the bears to show strong momentum and a big candle close below the consolidation area.
It has now started consolidating on the H1 chart and we are waiting for the bears to show strong momentum and a big candle close below the consolidation area.
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Trade active
Opened first SMALL short position on top of range with a really tight stop loss to test the waters. Will add if it continues with strong bearish momentum and closes below the consolidation box. Liquidity starts coming in the market at these hours so I'm relying on that to push price lower.
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Price tried to break out of the consolidation area towards the upside but after multiple fails (on the 15M chart) and a bull trap it started going downwards towards my predicted direction. If I see price to continue moving downwards I will add to my position after a break below the area and retracement as stated on the original idea.
I got a great entry in up there and my SL is now moved to BE. Good luck to all!
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Price has had a bearish break out of the consolidation area as expected and we are now looking for the perfect point at which to scale in my position accordingly.
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Scaled in accordingly using 15M chart. Price may pull back even more but I don't mind as I am now confident it should tank. Worst case scenario one of my positions gets taken out at BE and other one hits SL, no problem.
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Start of new week! Good luck to everyone and trade safely.
I've kept my shorts over the weekend as the market has not gave me any indication I should close them. I'll keep you updated on my position.
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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.