EURUSD At Good Level To Sell
Updated
EURUSD is currently at a good level to sell once again. It is currently hovering at a price of 1.139, which is a strong level of resistance. Back in June, this area was rejected multiple times and this is likely to repeat again. Furthermore, MACD Crossover is showing a signal of Bearish Divergence. This is good for us. Hence, it is currently at an extremely good level to sell.
I have entered a trade at 1.13895, but it is still a good time to enter currently. There could be a chance that price will break towards 1.14050 before making the bearish movement, but we will wait and see. In the event that it does move towards 1.14050, it is likely that I will add another position in this trade.
Stop-loss is at 1.14244, at an area slightly above the June highs. The trade is invalidated if 1) Prices breaks above the June highs or 2) The bearish divergence becomes invalidated.
Take profit is at 1.13218. As usual, if profit hits >25-30% of our target, I will move stop-loss to entry and set a trailing stop loss.
If you agree with this trade, do give it a huge thumbs up! :)
I have entered a trade at 1.13895, but it is still a good time to enter currently. There could be a chance that price will break towards 1.14050 before making the bearish movement, but we will wait and see. In the event that it does move towards 1.14050, it is likely that I will add another position in this trade.
Stop-loss is at 1.14244, at an area slightly above the June highs. The trade is invalidated if 1) Prices breaks above the June highs or 2) The bearish divergence becomes invalidated.
Take profit is at 1.13218. As usual, if profit hits >25-30% of our target, I will move stop-loss to entry and set a trailing stop loss.
If you agree with this trade, do give it a huge thumbs up! :)
Trade active
Entered a second position at 1.14050 as planned.Trade active
If you look at the m1 chart, you will realize that EURUSD is currently consolidating between 1.13931 and 1.14043. The pair will likely move towards the downside once this m1 consolidation period is over. :) I have been scalping this consolidation and has netted 21.4 pips. Currently, I have one position around the peak of this consolidation at 1.14028.Trade active
I've moved my stop-loss to entry and set a trailing stop loss on my 1.14028 trade. For those who have a trade at this level or above, I suggest doing so too because if the price were to continue moving down further as planned, M5 will form a hidden bullish divergence. As such, it is possible that the price may reverse and test the resistance again.For those with an entry at the original 1.13895, it would be wise to close the trade at entry when the price moves downward later and look for a re-entry at a better price later on.
Looking at the M1 timeframe, the bearishness is still going strong and will likely make one last push before possibly retracing up short-term.
Trade closed manually
Trade was closed by the trailing stop loss at 1.13924 (+10.4 pips). As mentioned in the last update, as seen from the chart, the price did make one last bearish push and touch our original entry before retracing upwards and retesting the resistance. Moving stop-loss of the 1.14028 trade to entry and setting a trailing stop-loss + Closing the original 1.13895 trade at entry was definitely the right call. Not a good time to enter a position into this pair now, but will definitely be looking out for opportunities.
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