XAGUSD short - 10 November 2016
Updated
Background:
- Yesterday candle close a long shooting star after testing 50MA, daily resistance and trendline resistance
- Also noticed that recent daily candle couldnt close above 50MA resistance, showing bear is in control
- From July onwards, price has been in a down trend, making lower swing high and lower swing low
Entry:
- Sell stop placed at about 10pips below yesterday low @ 18.2
SL:
- Placed at 50% fib level of the shooting star @ 18.6 (taking into consideration of previous day candle couldnt close above 18.5
TP:
- Placed at most recent horizontal support @ 17.5 just before testing the trendline support
Alert:
- Some factor to be wary about is that yesterday candle did not manage to close the gap created after the 8 Nov candle
- Yesterday candle close a long shooting star after testing 50MA, daily resistance and trendline resistance
- Also noticed that recent daily candle couldnt close above 50MA resistance, showing bear is in control
- From July onwards, price has been in a down trend, making lower swing high and lower swing low
Entry:
- Sell stop placed at about 10pips below yesterday low @ 18.2
SL:
- Placed at 50% fib level of the shooting star @ 18.6 (taking into consideration of previous day candle couldnt close above 18.5
TP:
- Placed at most recent horizontal support @ 17.5 just before testing the trendline support
Alert:
- Some factor to be wary about is that yesterday candle did not manage to close the gap created after the 8 Nov candle
Note
Updates - 11 November 2016:- Trade has not triggered
- Yesterday session formed a shooting star and a inside candle formation, lets hope it is storing energy to go down
- at this point of time, no reason to cancel this trade
Trade closed: target reached
Updates - 13 November 2016:- Price was bullish at first and suddenly turned bearish and reached my PT
- This trade yield 60 pips profit :)
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