Sell below 1.1811. Stop loss at 1.1853. Take profit at 1.1712.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly as expected. We look to sell below 1.1811 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 1.1712 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
Stochastic (55,3,1) is seeing major resistance at 96% where a good reaction occurred. It now has good downside potential to ride the rest of the move down.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly as expected. We look to sell below 1.1811 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 1.1712 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
Stochastic (55,3,1) is seeing major resistance at 96% where a good reaction occurred. It now has good downside potential to ride the rest of the move down.