New trading suggestion:
*There is still a possibility of temporary retracement to suggested resistance line(0.6820). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Entry signal:
Signal to enter the market occurs when the price comes to "Resistance line" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
Midterm :
0.6820 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
Technical analysis:
. While the RSI downtrend #1 is not broken, bearish wave in price would continue.
. A peak is formed in the daily chart at 0.6920 on 06/25/2018, so more losses to support(s) 0.6620, 0.6430, 0.6245 and more depths is expected.
. Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
. Relative strength index ( RSI ) is 30.
Trade Setup:
We opened 13 SELL trade(s) @ 0.7351 (day close price) based on 'Two-day reversal candle ( Shooting Star )' at 2018.04.13
Total Profit: 5635 pip
Closed trade(s): 1561 pip Profit
Open trade(s): 4074 pip Profit
Closed Profit:
TP1 @ 0.7305 touched at 2018.04.18 with 46 pip Profit.
TP2 @ 0.7240 touched at 2018.04.20 with 111 pip Profit.
TP3 @ 0.7175 touched at 2018.04.23 with 176 pip Profit.
TP4 @ 0.7055 touched at 2018.04.27 with 296 pip Profit.
TP5 @ 0.6950 touched at 2018.05.09 with 401 pip Profit.
TP6 @ 0.6820 touched at 2018.06.27 with 531 pip Profit.
46 + 111 + 176 + 296 + 401 + 531 = 1561 pip
Open Profit:
Profit for one trade is 0.7351(open price) - 0.6769(current price) = 582 pip
7 trade(s) still open, therefore total profit for open trade(s) is 582 x 7 = 4074 pip
Open Profit:
TP7= @0.6620
TP8= @0.6430
TP9= @0.6245
TP10= @0.5930
TP11= @0.5485
TP12= @0.4900
TP13= Free
