Here is a quick update of the Eur/Usd trade that was taken 18/08/16
We had a Bearish close yesterday with price creating a "Short Tailed Pin Bar" (4H)
Going off price action alone, we can see a clear Pin Bar (1H)
Psychological level 1.1300 was rejected
We are currently long on Dax (Ger30)
With Dax making a false break & holding well inside its Bullish channel we should see price surge much higher.
This trade was simply executed due to an Inside Bar (4H)
We are now waiting for the break of the last Lower High for more confirmation
Last week we seen indecision around our resistance area in the form of bearish pin/tailed bars.
We are currently bearish under the highs that have formed.
This pair was sold on the basis of
1. Reaching the top of a channel that formed at the beginning of 2015 (Daily)
2. Bearish Price Action
3. The break of a Rising Wedge (4h)
We could potentially see this pair...
We are currently short on this pair after price approached key resistance around 1.1350 - 1. 1400-7.63%
Price failed to break the minor physiological level and formed a sell signal, we also had added confluence as a trend line was broken from December 2015 & we had reached the top of our Bullish channel. A break below 1.1250 will simply open up the doors to 1.1200
