Previous Support becomes Resistance!
Hi guys,
this is a trend continuation trade: you can tell this simply by looking at the last price moves. The recent downward movement created a new low in the 4H chart, so we are now setting our mindset in bearish condition for we'd want to hop on the trend as soon as price gives us the opportunity to do so. In this case price has created a double top on the lower timeframe (1h) right at the retest of the support that once broken could become resistance.
Entry at market, stops 2-3 pips above 0,70 round number, first target at the retest of the lows, second target could go all the way down to 0,69.
Let's see how it plays out.
If you want to share your view or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
this is a trend continuation trade: you can tell this simply by looking at the last price moves. The recent downward movement created a new low in the 4H chart, so we are now setting our mindset in bearish condition for we'd want to hop on the trend as soon as price gives us the opportunity to do so. In this case price has created a double top on the lower timeframe (1h) right at the retest of the support that once broken could become resistance.
Entry at market, stops 2-3 pips above 0,70 round number, first target at the retest of the lows, second target could go all the way down to 0,69.
Let's see how it plays out.
If you want to share your view or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade fechado: objetivo atingido:
First target hit! Stops moved to breakeven.
Comentário:
Still holding this position.
Trade fechado: objetivo atingido:
Fortunately enough price hit our second target (see above) just before reversing. A bit of luck!