Structure And Confluence Supports Sell Setup from freemexy's blog

A nice sell trade opportunity is playing out on this pair as the price action found buyers offered least resistance at minor support floor around the price handle 75.50 area. In addition, this setup has ideal technical confirmations backing up as nice trade idea supported by two confluence that may not be missed by the market participant and that is;To get more news about WikiFX, you can visit wikifx official website.

　　Ø On the four hour chart, the 50 moving average has hold as dynamic resistance band and you could view and bearish three step soldier pattern and interesting to note that the three green candle were exhausted elongated wicks meaning buyers were exhausted testing the up move.

Just for your interest, if you zoom out on the four hour chart, you happen to view or may notice a wide or very elongated head and shoulder pattern as per your preferred markings.

　　Bearish market speculators may be looking at the price handle level of 74.0 being the ideal profit target zone.

　　Of course, ones discretion and risk management is advised.

　　Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.

　　Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.