Signal to sell short based on negative reversal patterns on price/RSI & CFG indicators on 8-hour chart (shaded areas); also, lower time-frame indicators were pushed into overbought territory and have rolled over.
If price is within 20 pips of my stop-loss near the end of the N.Y. session, I'll raise it temporarily just to avoid getting hit by the widening spread.
1st target is at 1.05739; will buy back 1/3 of position in order to (hopefully) lock in partial profit and/or to limit risk.
Will adjust stop-loss as price declines, based on shorter-term indicator cycles and price structure.
Highest probability 2nd target (indicated by tightest negative reversal on 8-hour chart) is at 1.04719; will tighten stop-loss on 1/2 of remaining position if reached, and will continue to trail.
3rd and (possibly) final target is at parity, as calculated and explained in my last post.
Update @ 01:42, May 13: stop-loss on full position moved to 1.06286.
If price is within 20 pips of my stop-loss near the end of the N.Y. session, I'll raise it temporarily just to avoid getting hit by the widening spread.
1st target is at 1.05739; will buy back 1/3 of position in order to (hopefully) lock in partial profit and/or to limit risk.
Will adjust stop-loss as price declines, based on shorter-term indicator cycles and price structure.
Highest probability 2nd target (indicated by tightest negative reversal on 8-hour chart) is at 1.04719; will tighten stop-loss on 1/2 of remaining position if reached, and will continue to trail.
3rd and (possibly) final target is at parity, as calculated and explained in my last post.
Update @ 01:42, May 13: stop-loss on full position moved to 1.06286.