Update: Moved stop to entry
Update: closed half position ahead of first target, at 0.7915
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Another bearish leg is possible, as price hit the descending resistance for the main sideways consolidation which might take the shape of triangle. Also the 200-days SMA is at that resistance area. Am looking for a retest of the 50-days SMA as an initial downside target.
Best of luck. Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
Update: closed half position ahead of first target, at 0.7915
------------------------------------------------------------------------------------------------------
Another bearish leg is possible, as price hit the descending resistance for the main sideways consolidation which might take the shape of triangle. Also the 200-days SMA is at that resistance area. Am looking for a retest of the 50-days SMA as an initial downside target.
Best of luck. Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
