TRADE: EURUSD: SELL@1.11638 Structure + Momentum + Trernd + PA

Ok, so anyone who's followed me probably expect that I would only take a trade off some advanced pattern, right? Well, then you might be caught off guard by this trade! There isn't an advanced pattern here that I feel correctly applies to this trade. But regardless, It's a trade I feel is a worthwhile trade. You've often heard me talk about price action being one of my main determinant's as to when to take a trade. And many of you have asked how to read price action. Well, here is a good example.

The pair is in a clear downtrend in the 1HR and 4HR TF's. Here in this 1 Hr TF, there is a clear indication of bearish price action in the recent spike up and then a equal and actually greater spike back down. This is a "V-reversal". which in this case is clearly bearish price action. Also, there is structure overhead (I called it minor structure but has several touch points in the recent past) that prices bounced off from. And prices have just broken a small bearish flag pattern and retested it. When it retested it, that's when i decided to SELL. This is a clear example of what is bearish price action.

4HR CHART

MY TRADE PLAN
I am short on this pair right now and will ride it down to the lower trend line of the larger triangle pattern where I will take some or all profits and wait for the next move while watching the price action closely. I will have my stops on this trade just above the minor sr structure marked on the chart. If prices get above this structure and stay above it, most likely it will head up to the upper trend line of the larger triangle.

Refer to my previous posts on this pair as to the longer term direction that I believe this pair will take. See the Related Ideas section for links to those posts. Good luck!

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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