Hello everybody,
We had got another short attempt on this pair before with 30pips profit in our first position and got stopped out in the 2 other positions at break even. (you can see it here)
Now we are going to try it again, In the chart above there is a triple top pattern that shows us the attempt to break 1.3500 was hard and this pair was not successfull of doing this.
So I'am looking a for another short setup here which its confirmation is breaking the short-term trendline.
Any candles that closes below the trendline will be a good point to go short but in this case we have to use a larger stop loss(I will tweet about the exact entries and setups), In other case we can wait for the price to retest again the trendline and then selling the pair.
If you don't want to trade the trendline method, So you can wait for the great short-term support (short-term support 1 in the chart above) to be broken and in H1 after a close below it you can go short.
Second short-term support is our first profit target, the 200sma in H4 is the second profit target and looking for around 50% to 61.8% Fibonacci from 08.09.2010 to 08.10.2010 is our third profit target.
I will tweet about this setup.
Regards,
Nice trade, please tweet what approach you'll use. Thanks Mani
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