The kiwi is trending downwards with clear levels of support and resistance. Just now going through significant level at 0.7415 - which I will take for a genuine break if price action reaches at least about 0.7380 level before reversing. The prior retracements have met very clear resistance levels, thus I looking to short around 0.7415 level. The exact numbers for entry, TP and SL will be established when I see how price behaves - so chart is to be updated. For now I think it suffices to say that this could very easily set up a trade with a very favorable risk to reward
UPDATE: the break never reached the mentioned level of 0.7380, and so there was no reason for an entry based on the above. Price is stalling right now, and will have to pickup momentum either direction before I see reason to enter.
UPDATE: the break never reached the mentioned level of 0.7380, and so there was no reason for an entry based on the above. Price is stalling right now, and will have to pickup momentum either direction before I see reason to enter.
