EURAUD [1 Week view]

Short EURAUD
Entry: 1.59405
SL: 1.59805
TP: 1.58500

Simple set up, as clear as day.

Market below EMA 13
H&S reversal pattern confirmed with the breaking of the neckline
RSI below 55% resistance level
Market pullback below descending trendline resistance

Trade closed manually

Market broke descending trendline resistance. H&S patter failed. prefer to close position to prevent further losses

Note

Price nearly reached target. Should not have closed the trade. Sometimes, just because the pattern may have failed does not mean the trade is invalidated. Always trust in your analysis.

Here my analysis was spot on. But I was too trigger quick.
There will be other chances.

Note

Please see my linked idea under the "Related Ideas" section below. I've posted a new trade idea...

For those of you lazy to click, here's my chart:

laughingchartist

Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28

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laughingchartist

Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28

Also on: