Background: - Bearish reversal candle (shooting star) off daily horizontal resistance resistance @ 80.7 and presented a bearish divergence formation
Entry: - Sell stop @ 79.36 (Trade triggered in the time of writing this)
TP: - Set at 78.0 near to 50MA support and trendline support. - This area could be important as we are in a ascending triangle formation with buying pressure forming higher low along the trend line
SL: - Set at 79.9 (just 10 pips above round number of 79.8)
Trade active
Update - 4 November 2016: - Price went down and quickly reversed to form a long wick doji - Could the previous resistance of 78.5 (in early Aug, Sept, Oct) strong enough to push the pair higher? - In this point of time, the bearish divergence formation still holds and hopefully the soon to released RBA Monetary Policy Statement would not messed up my trade. - To hold on to the trade and let it plays out.
Trade closed: stop reached
Update - 7 November 2016: - Price gap up and triggered my stop loss... aiks starting the week with a loss
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