EURAUD Short
Direction: - Entered a Bearish Cycle on Tuesday (three days ago) on the H1, so I was looking to short off possible high points.
- Just dropped to the first level of the cycle, so still needs to drop for minimum 1/2 more days.
- On the H4 & H1 time-frame there is Bearish Momentum , as lower lows and lower highs are being made.
Entry: - High held at YH (Yesterday's High), with the candles closing below that high and only pinning it. Price Action indicated that the high was not going to be broken.
- MBL (Market Base Line) pointing down which confirms that the pair will most probably drop.
- Candle dropped and closed below 13 & 200 EMA, which was another confirmation of a drop. This is where I entered on the M15.
Exit: - 27 pip SL @ 7 pips above YH (Yesterday's High). My reason is that YH is a resistance point.
- 47 pip TP @ the point where the RSI crosses the Signal Line. This indicates an exit on the trade.
Direction: - Entered a Bearish Cycle on Tuesday (three days ago) on the H1, so I was looking to short off possible high points.
- Just dropped to the first level of the cycle, so still needs to drop for minimum 1/2 more days.
- On the H4 & H1 time-frame there is Bearish Momentum , as lower lows and lower highs are being made.
Entry: - High held at YH (Yesterday's High), with the candles closing below that high and only pinning it. Price Action indicated that the high was not going to be broken.
- MBL (Market Base Line) pointing down which confirms that the pair will most probably drop.
- Candle dropped and closed below 13 & 200 EMA, which was another confirmation of a drop. This is where I entered on the M15.
Exit: - 27 pip SL @ 7 pips above YH (Yesterday's High). My reason is that YH is a resistance point.
- 47 pip TP @ the point where the RSI crosses the Signal Line. This indicates an exit on the trade.