Update: Trade is active now!
Update: First Target Hit, Moved Stop To Entry Point.
Update: Second unit stopped at break-even
Profit(pips)= +150.
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EURAUD is testing a key resistance level around 1.4575-1.4600 level
Daily chart:
-38.2 percent retracement level at 1.4576.
-Previous swing high and key resistance around that same area
-Bearish divergence on Momentum
Four-Hour chart:
-Minor double top formation with a neckline around 1.4515.
-Clear bearish divergence on Momentum.
I placed my sell limit order at 1.4525, targeting 1.4375 and 1.4245.Stop loss at 1.4600.
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
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
Update: First Target Hit, Moved Stop To Entry Point.
Update: Second unit stopped at break-even
Profit(pips)= +150.
--------------------------------------------------------------------------------------------------------------
EURAUD is testing a key resistance level around 1.4575-1.4600 level
Daily chart:
-38.2 percent retracement level at 1.4576.
-Previous swing high and key resistance around that same area
-Bearish divergence on Momentum
Four-Hour chart:
-Minor double top formation with a neckline around 1.4515.
-Clear bearish divergence on Momentum.
I placed my sell limit order at 1.4525, targeting 1.4375 and 1.4245.Stop loss at 1.4600.
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
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game