Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
In the four hour chart after launching off 1.6072, price moved down sharply and reached 1.5760 and then it started to correct some of this bearish move. We can see lower highs in this timeframe that is showing that trend is still bearish.
Here we have got a good hourly trendline:
And there is also a Bearish Bat formation:
So short positions here is good below the hourly shelf at 1.5912 and stop losses should be above that hourly trendline or above the previous high at around 1.5980.
If hourly candles went above that trendline then this setup will become invalid and we have to close our short positions.
Check out our newest free service here.
Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.
Latest posts by admin (see all)
- Using Simple Moving Averages to clarify the Forex Market - November 13, 2017
- The Huge Benefits of Being a Scalper - November 6, 2017
- The ADX Methodology for Analysis, the Strengths and Values - November 4, 2017
Winner’s Edge Trading, as seen on: