Trade Bias: Bearish
The 4H chart shows a clear bearish trend with lower highs and lower lows since late February. The pair recently made a lower high around 162.400 and has been declining. The 1H chart confirms this bearish sentiment with price recently rejecting from the 161.000 resistance level.
Entry Price: 160.900
Looking to enter on a pullback to the 160.900 level, which has acted as a resistance zone in recent price action.
Stop Loss: 161.250
This gives us 35 pips of risk as requested, placing the stop above a recent swing high on the 1H chart.
Take Profit Levels:
Primary TP: 160.150 (75 pips reward)
Extended TP: 159.500 (140 pips reward)
Risk-to-Reward Ratio:
Primary TP: 1:2.14 (35 pips risk : 75 pips reward)
Extended TP: 1:4 (35 pips risk : 140 pips reward)
Trade Rationale:
4H Timeframe Context: The pair is in a broader downtrend, currently in a pullback phase after a strong decline from 162+ levels. There's significant resistance around the 161.200-161.500 zone.
1H Timeframe Confirmation: Price has formed a lower high and appears to be rejecting from the 161.000 zone, with bearish momentum increasing.
15m Timeframe Entry Precision: The recent price action shows consolidation after the decline, providing a potential entry on a small pullback.
Key Support Levels: 160.150 and 159.500 have both acted as significant support/resistance levels in the past, making them logical targets.
Market Structure: The consistent pattern of lower highs and lower lows across multiple timeframes suggests the bearish move has strength.
Entry Strategy:
Wait for price to pull back to 160.900
Confirm rejection with a bearish candle formation
Enter at market or with a limit order at 160.900
Set stop loss at 161.250
Partial take profit at 160.150, move stop to breakeven
Final target at 159.500
The 4H chart shows a clear bearish trend with lower highs and lower lows since late February. The pair recently made a lower high around 162.400 and has been declining. The 1H chart confirms this bearish sentiment with price recently rejecting from the 161.000 resistance level.
Entry Price: 160.900
Looking to enter on a pullback to the 160.900 level, which has acted as a resistance zone in recent price action.
Stop Loss: 161.250
This gives us 35 pips of risk as requested, placing the stop above a recent swing high on the 1H chart.
Take Profit Levels:
Primary TP: 160.150 (75 pips reward)
Extended TP: 159.500 (140 pips reward)
Risk-to-Reward Ratio:
Primary TP: 1:2.14 (35 pips risk : 75 pips reward)
Extended TP: 1:4 (35 pips risk : 140 pips reward)
Trade Rationale:
4H Timeframe Context: The pair is in a broader downtrend, currently in a pullback phase after a strong decline from 162+ levels. There's significant resistance around the 161.200-161.500 zone.
1H Timeframe Confirmation: Price has formed a lower high and appears to be rejecting from the 161.000 zone, with bearish momentum increasing.
15m Timeframe Entry Precision: The recent price action shows consolidation after the decline, providing a potential entry on a small pullback.
Key Support Levels: 160.150 and 159.500 have both acted as significant support/resistance levels in the past, making them logical targets.
Market Structure: The consistent pattern of lower highs and lower lows across multiple timeframes suggests the bearish move has strength.
Entry Strategy:
Wait for price to pull back to 160.900
Confirm rejection with a bearish candle formation
Enter at market or with a limit order at 160.900
Set stop loss at 161.250
Partial take profit at 160.150, move stop to breakeven
Final target at 159.500
Trade closed: stop reached
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.
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.