Short on Aud/Nzd SELL SELL SELL !!!
Updated
Reaons for
-Firstly we are forming a triangle
-We have just bounced of the trend line with a bearish engulfing
-Also a bearish hammer has been put in place
-We also tested this area a on Thursday and rejected this zone there fore i believe it will do so again
Price action leaves clue in structure :)
If we go to the daily Timeframe we can see
-Lots of long wicks to the upside suggesting more selling pressure
-Price bouncing of trend line acting as Res
This setup aint the best simply because we prefer setups that include breaks of trendlines or triangle formations etc
but it will do as theres not alot going on in the market and lots of news about
altho its a good setup just not as many confluences we would like
our entry 1.07731
Happy trading :)
-Firstly we are forming a triangle
-We have just bounced of the trend line with a bearish engulfing
-Also a bearish hammer has been put in place
-We also tested this area a on Thursday and rejected this zone there fore i believe it will do so again
Price action leaves clue in structure :)
If we go to the daily Timeframe we can see
-Lots of long wicks to the upside suggesting more selling pressure
-Price bouncing of trend line acting as Res
This setup aint the best simply because we prefer setups that include breaks of trendlines or triangle formations etc
but it will do as theres not alot going on in the market and lots of news about
altho its a good setup just not as many confluences we would like
our entry 1.07731
Happy trading :)
Trade closed manually
Trade closed with 15 pips profit closed early as no momentum and news was coming out
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