If we look at H4 chart of 
EURAUD, it made a great reversal and formed a bearish Engulf at 70% Fib Level.
The H4 timeframe is forming a slid rationality to be bearish on H1 timeframe. The targets may take a week or so to hit while the SL may hit within a few days.
On H1 timeframe the MACD showed overboughtness and the price is probably to change its trend from Bullish to bearish.
the MACD divergence is second by Lower High formation indicating a bearish signal.
Now we need a confirmation for the price to cross the HIgher Low at 1.7795.
I will place a sell stop order 1.7793 with my SL at the Higher High at 1.7863
I will take two positions both at the breakout Higher Low at 1.7793. Both position has 2% risk in total with the stop loss at 1.7863
Note: The Sell stop order is a must. If its not triggered then we are not aiming for any other trade.
Important: If TP1 Hit, we will move our SL to Break even to trade the rest 2.5x reward with 0 risk.
Position 1 with 1 % Risk
Position 1 with 1 % Risk
EURAUD, it made a great reversal and formed a bearish Engulf at 70% Fib Level.The H4 timeframe is forming a slid rationality to be bearish on H1 timeframe. The targets may take a week or so to hit while the SL may hit within a few days.
On H1 timeframe the MACD showed overboughtness and the price is probably to change its trend from Bullish to bearish.
the MACD divergence is second by Lower High formation indicating a bearish signal.
Now we need a confirmation for the price to cross the HIgher Low at 1.7795.
I will place a sell stop order 1.7793 with my SL at the Higher High at 1.7863
I will take two positions both at the breakout Higher Low at 1.7793. Both position has 2% risk in total with the stop loss at 1.7863
Note: The Sell stop order is a must. If its not triggered then we are not aiming for any other trade.
Important: If TP1 Hit, we will move our SL to Break even to trade the rest 2.5x reward with 0 risk.
Position 1 with 1 % Risk
- Sell Stop: 1.7793
- Stop Loss: 1.7863
- TP: 1.7723
Position 1 with 1 % Risk
- Sell Stop: 1.7793
- Stop Loss: 1.7863
- TP: 1.7615
Note
Change of Bearish positions.Position 1 with 1 % Risk
Sell Stop: 1.7781
Stop Loss: 1.7863
TP: 1.7697
Position 1 with 1 % Risk
Sell Stop: 1.7781
Stop Loss: 1.7863
TP: 1.7615
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.