Reason for trade:
Weekly: A strong bearish engulfing candle was evident, breaking the neckline 1.17 area of support turned resistance. Indicating strong selling
pressure on weekly timeframe perspective. Likely for bearishness to continue till 1.14, then 1.12.
Daily: Price was previously sandwiched between a support and resistance. My initial plan was to stay only on the long side unless support
was breached. However, i had not enter any positions as i wanted to adopt a wait and see approach. True enough, market has
presented us a clear signal to enter the market with a position.
Weekly: A strong bearish engulfing candle was evident, breaking the neckline 1.17 area of support turned resistance. Indicating strong selling
pressure on weekly timeframe perspective. Likely for bearishness to continue till 1.14, then 1.12.
Daily: Price was previously sandwiched between a support and resistance. My initial plan was to stay only on the long side unless support
was breached. However, i had not enter any positions as i wanted to adopt a wait and see approach. True enough, market has
presented us a clear signal to enter the market with a position.
Trade closed manually:
Trade closed at breakeven