Trend is breaking but structure holds bearish divergence. Daily chart is still under bearish pressure!
Critical zone at around 0.89 to 0.8930 around this area is a clearance area and we will see a lot of stops taken before any sell setups.
I would be looking at a 4 hour chart and the 1 hour chart before selling this IDEA. I will be looking for false breakouts, bearish divergence, trend line breakout or simply some kind of bearish structure. 1 hour and 4 hour must confirm sell setup is active as a more conservative approach. Green doted lines outline possible targets and bounce zones.
The i way i would take profits from all my trades is simple. Cut lot sizes once target 1 is achieved. Target 2 move sl to entry and cut lot sizes again. If we catch tops or bottoms of a trend, it would be a very nice entry and we move our sl at the same speed as the market to ensure we cover the potential of these positions.
Critical zone at around 0.89 to 0.8930 around this area is a clearance area and we will see a lot of stops taken before any sell setups.
I would be looking at a 4 hour chart and the 1 hour chart before selling this IDEA. I will be looking for false breakouts, bearish divergence, trend line breakout or simply some kind of bearish structure. 1 hour and 4 hour must confirm sell setup is active as a more conservative approach. Green doted lines outline possible targets and bounce zones.
The i way i would take profits from all my trades is simple. Cut lot sizes once target 1 is achieved. Target 2 move sl to entry and cut lot sizes again. If we catch tops or bottoms of a trend, it would be a very nice entry and we move our sl at the same speed as the market to ensure we cover the potential of these positions.
Note
Just perfect
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.