This is another execution by a student. The analysis is flawless but strong market momentum may have stopped this trade out. There was a bearish candlestick pattern in the hourly chart that was apparent in the second attempt on the resistance line. A valid but unfortunate short.
Hi All,
Last night i notice a huge movement in the EUR/USD.
1) initial thoughts at chart “eurusd1 h4″ was to long once the candle close above the “purple channel”
But some teaching by Binni and Tiong Hum came into my mind “bigger picture”, “false break”, “huge increase is hard to sustain”.
By looking at the bigger picture i manage to draw another channel (in blue) and when i put in the fibo level it is clear to me that shorting this pair is more in line with what i learn.
2) Zoom out to look at the bigger picture draw another 2 channel (blue)
Went in to fine tune at H1 Short after forming of the doji red candle
Regards,
Ivan
EUR meeting resistance
Confluence met
There was apparently a evening star candlestick
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