Price has been in a range Price broke bullish out of range but failed and returned back into range Price approaching range bottom for possible bearish breakout Range bottom @ 1.2820 Sell Stop @ 1.2815 Take Profit @ 1.2775
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Day chart shows 3 possible short take profit levels
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1st take profit @ 1.2775 2nd take profit @ 1.2685 3rd take profit @ 1.2550
Well done on this one, I'd like to know how you were leaning it to breaking below?
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@dreampunchboy, On my original 4H chart I saw that price had tried a bullish beakout from the range top and it failed. Price had fallen back into the range and was heading back to the bottom of the range. There it was going to hit the bottom and do either of 2 things. Bounce off the bottom and return back into the range or breakout bearish. The Macd still had room to fall to the zero level line. I was watching for direction there also because it would either bounce backup when the Blue line hit the Red horizontal zero line or break below it starting a new bearish bias.