This is a very simple setup that I notice.
WHAT I SAW
1. A strong historical Resistance Line @ 1.0755.
- It has been tested multiple times in the past.
- Again tested twice recently (previous week) <-- Which is for me a pretty good & fresh data
- It is a psychological number
2. An inside bar (Last Bar)
3. Major Trend is Bearish
WHAT I'LL DO
1. Create an alert @ 1.0755
2. Wait for new bar to complete, who knows a "Dark Cloud Cover" might emerge since the next bar is a start of a new week.
3. Place a SELL STOP @1.0730 (and perhaps a buy stop as well @1.0930 - Previous High)
-OR-
3. Place a SELL STOP @1.0730 and BUY STOP @ 1.0770 if the alert got triggered.
NOTES: This is an idea from a fresh and inexperienced trader, I am highly grateful for any comments and critics. Thank you.
UPDATE (11/12/2014) - SELL STOP @ 1.0730 was triggered and profit. :-)
WHAT I SAW
1. A strong historical Resistance Line @ 1.0755.
- It has been tested multiple times in the past.
- Again tested twice recently (previous week) <-- Which is for me a pretty good & fresh data
- It is a psychological number
2. An inside bar (Last Bar)
3. Major Trend is Bearish
WHAT I'LL DO
1. Create an alert @ 1.0755
2. Wait for new bar to complete, who knows a "Dark Cloud Cover" might emerge since the next bar is a start of a new week.
3. Place a SELL STOP @1.0730 (and perhaps a buy stop as well @1.0930 - Previous High)
-OR-
3. Place a SELL STOP @1.0730 and BUY STOP @ 1.0770 if the alert got triggered.
NOTES: This is an idea from a fresh and inexperienced trader, I am highly grateful for any comments and critics. Thank you.
UPDATE (11/12/2014) - SELL STOP @ 1.0730 was triggered and profit. :-)