Good evening traders, I am currently looking at this currency pair predicting a short.
My few reasons for doing so:
1. Market has been in this 250 pip range for quite a long time and this can be observed on a daily timeframe too.
2. We just had a rejection of higher prices meaning our resistance area is still valid.
3. Price created a bearish engulfing pattern previously in this area.
Always do your own analysis before placing any trades and make sure of using proper risk management.
I always set my TP slightly higher then the actual zone to ensure profits in case of sudden pullbacks all the way to the starting point.
My few reasons for doing so:
1. Market has been in this 250 pip range for quite a long time and this can be observed on a daily timeframe too.
2. We just had a rejection of higher prices meaning our resistance area is still valid.
3. Price created a bearish engulfing pattern previously in this area.
Always do your own analysis before placing any trades and make sure of using proper risk management.
I always set my TP slightly higher then the actual zone to ensure profits in case of sudden pullbacks all the way to the starting point.