Here we can see on this pair we've had a clear break of the sloping support, having a daily bearish candle closure below the trendline and just now looking like there are more bears coming into the market.
We've been in this ascending channel since December and now we're hitting monthly resistance levels and struggling to stay above them, this is also the first time we've had a daily candle closure below the sloping support.
Also on the monthly chart at the moment May is showing a big bearish pinbar, of course the month is not yet complete but the signs are there.
There's potential for 400+ pips in this move however I will be basing my entries off smaller timeframes such as the H4 and H1 so my stop will be smaller, and my targets probably will be also as I don't tend to hold trades for that length of time. The stop size etc on this is simply a visual guide.
We've been in this ascending channel since December and now we're hitting monthly resistance levels and struggling to stay above them, this is also the first time we've had a daily candle closure below the sloping support.
Also on the monthly chart at the moment May is showing a big bearish pinbar, of course the month is not yet complete but the signs are there.
There's potential for 400+ pips in this move however I will be basing my entries off smaller timeframes such as the H4 and H1 so my stop will be smaller, and my targets probably will be also as I don't tend to hold trades for that length of time. The stop size etc on this is simply a visual guide.
No criteria was met and no confirmation given therefore = no entry taken!