Sell below 1.3319. Stop loss at 1.3427. Take profit at 1.3161. Reason for the trading strategy (technically): Price has started to react strongly off major resistance at 1.3319 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect to see a strong drop below this level to push price down to at least 1.3161 support (Fibonacci retracement, Fibonacci extension). Stochastic (89,3,1) is seeing strong resistance below 99% and is turning down nicely signalling that a reversal is in action.
Didn't make entry level. BOE inflation report and other econ news had a severe impact and price dropped. Looks like price is encountering some resistance at 1.30800. Actual resistance at 1.30698. Possible price might bounce at that level and retrace to sell entry point.
MEX_Exchange
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@ExquisiteTinker, actually we look to sell below entry that means we usually scale into the position. Taking one position and scaling in if price goes towards our entry. This ensures we don't miss the whole move if price really drops hard.
ExquisiteTinker
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@MEX_Exchange, Ah, makes sense. Good plan to scale in then.
jameschan.au
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SOOO beautiful SIR!Thanks.
macdonald
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pips in pockets.. Thanks continue the good work of your analysis
kohsalar
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Thank
Ahmed112
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thanks to your analysis i made 100$ out of a 0.1 lot in a single day, PRAISE THE LORD OF SIGNALS!!
thejuveniletrader
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Will the BOE events affect this?
HumairDawood
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@thejuveniletrader, It may spikes 100-200 pips but eventually will fall like a rock. be careful!
thejuveniletrader
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@HumairDawood, yea, I'm getting mixed signals whether or not the increase in interest rate will be make sharp movements or go lower