Chart: Daily Time Frame
Market: Ranging
Bearish Indicators
1. Deliberation pattern (Bull candle bodies decrease in size each day)
2. Doji found below 1.14200
3. Hanging man candlestick below 1.14200
4. Price has previously bounced off 1.14200 & 1.14650
5. Chart displays a rising wedge-like pattern (evident by trendlines & blue circles)
Risk Management
Risk/Reward - 1:3.40
Stop Zone - 1.1510 (or just above 15th October 2015 high)
Target Zone - 1.08700 or evidence of reversal
Note: A rising wedge like this, tends to see price return to the base of the wedge.
Market: Ranging
Bearish Indicators
1. Deliberation pattern (Bull candle bodies decrease in size each day)
2. Doji found below 1.14200
3. Hanging man candlestick below 1.14200
4. Price has previously bounced off 1.14200 & 1.14650
5. Chart displays a rising wedge-like pattern (evident by trendlines & blue circles)
Risk Management
Risk/Reward - 1:3.40
Stop Zone - 1.1510 (or just above 15th October 2015 high)
Target Zone - 1.08700 or evidence of reversal
Note: A rising wedge like this, tends to see price return to the base of the wedge.
Trade closed at a small loss.