Hello Traders, here is my analysis.
I suggest you keep this pair on your Watchlist.
Learn to trade my Strategies in Price Action Course!
Chart Commentary Disclaimer: Invested Traders views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research, and be aware of the risks and rewards.
Trade Direction: Sell
Analysis Timeframe: Daily
Potential Trade Idea: We will only consider entering the market after there is a valid signal and in line with our Rules and Trading Plan.
Bear in mind that a top down analysis is needed to make a trading decision, a single timeframe is not enough to place a trade.
Learn more about our strategy in Price Action Course and get access to all our tools and indicators!
Price Action Analysis
This is the kind of price action technical analysis you will learn in our trading course. You will learn how to locate new supply and demand and trade without using any indicators, no news, no fundamental analysis, no earnings announcements, or volume. Just Price Action and Supply and Demand.
Trading supply and demand imbalances are ideal for beginners and those with a full or half time job, you won’t need to stay in front of the computer all day long.
Learn To Trade Our Strategy
Our Strategy focuses on supply and demand, market sentiment, momentum and Stop Hunting ( Order Traps and Fakeouts)
Supply And Demand Trading
As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Why is it that you see positive News and then the underlying market drops like a rock, or a negative news announcement and the market rallies? You are probably missing the fact that there big institutions are trying to make money!
Unless you are doing very short term trading and scalping, you should not worry about fundamentals or earnings announcements.
You can use these imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves. We need to patiently wait for the correct scenarios and setups to happen and wait for the price to react from our levels and we can take advantage from these moves!
If you want to learn how to trade using our trading strategy, join our Price Action Trading Course.
What are Fakeouts (Order Traps, Stop Hunting)?
First things first, before you can learn our strategy you have to understand how to use order traps to your advantage, you have to know what they are and how to identify them.
Order Trap ( Stop Hunting, Fakeouts ) are terms used in technical analysis to refer to a situation in which a trader enters into a position in anticipation of a future transaction signal or price movement, but the signal or movement never develops and the asset moves in the opposite direction.
Order Traps are when a trader puts on a position expecting it to move in a direction and it fails to do so.
Stop Hunting happen when many traders plan their exit by offsetting orders to make sure their potential losses are limited
Stop Hunting can cause considerable losses for a technical analyst. These traders will typically rely on well tested patterns, multiple affirmations of an indicator and specific allowances to protect from significant losses. Sometimes the setup can look perfect, but outside factors can cause a signal to not develop as planned.
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