Euro / U.S. DollarShort
EURUSD +350 pip melt
Trading is about stacking confluences to support your prediction.
Therefore below are a list of confluences to why i took this trade.
1. Monthly and weekly timeframes (higher timeframes) both indicate bearish moment as price is in a longterm descending channel
2. Head and shoulders formation forming on the hourly and 2 hourly chart (Bearish candlestick pattern)
3.Rejection of daily descending channel
Stops above previous lower highs of the channel
Risk reward is good.
Solid set-up
Therefore below are a list of confluences to why i took this trade.
1. Monthly and weekly timeframes (higher timeframes) both indicate bearish moment as price is in a longterm descending channel
2. Head and shoulders formation forming on the hourly and 2 hourly chart (Bearish candlestick pattern)
3.Rejection of daily descending channel
Stops above previous lower highs of the channel
Risk reward is good.
Solid set-up
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