Euraud short

EURAUD, DAILY CHART


Long or Short: short
Entry Point: 1.39999
Stop Loss: 1.42730
Profit Target: 1.32878

Trade Explanation:

Price formed a shooting star in the previous daily session closing at 1.40753 which has acted as a strong area of resistance in the past. Several black candles in the lower time frame(4hour) have been closing below its real body which convinces me that sellers are taking control of the pair.

Price level 1.32878 has acted as an area of resistance thus could provide support. It is also in line with 50% FIB level.

Stochastic indicator is leaving the overbought territory.

Pair trading below the hanging man formed yesterday. Hopefully this would lead further sell off as other traders abandon their long trades.


Oh, it goes up so fast

What was your entry point?