"We have broken out of the 1.11 level, with the price showing signs of being excessively overbought on the lower timeframes. As we approach the weekly swing high from 2022 at 1.118, we can anticipate a short-term retracement below 1.11.
Therefore, I am currently seeking a short-term selling opportunity, watching for signals on my TRFX indicator above 1.115. My target for this trade is 1.106, which was previously a resistance level and is now expected to act as support.
In the long term, there is a possibility of the price moving higher. However, considering the overbought conditions and the price nearing a weekly swing high, we can anticipate some short-term resistance.
Once the signal is confirmed, I will place the stop loss above the 2022 swing high. As the trade progresses, I will adjust the stop loss to the entry price."
Please note that trading decisions should be made based on thorough analysis and understanding of the market.
Therefore, I am currently seeking a short-term selling opportunity, watching for signals on my TRFX indicator above 1.115. My target for this trade is 1.106, which was previously a resistance level and is now expected to act as support.
In the long term, there is a possibility of the price moving higher. However, considering the overbought conditions and the price nearing a weekly swing high, we can anticipate some short-term resistance.
Once the signal is confirmed, I will place the stop loss above the 2022 swing high. As the trade progresses, I will adjust the stop loss to the entry price."
Please note that trading decisions should be made based on thorough analysis and understanding of the market.
Trade active
Trade triggered price popped up above 1.115 and with my indicator printing a 30minute SELL signal Trade closed: stop reached
Stop hit pair is grinding higher retracement still is on the cards and am waiting for a signal on a higher timerframe 4hr up to confirm another entry.
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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.