FX00100 - EURUSD - reversal at sideways resistance

EURUSD has just completed a nice up move to the top of the side wards range where I took profits and was then on the look out for signs of a reversal. Movement so far today is bearish.

1h shows a nice rounded top with some indecision and then bears came in.

4h shows a pinbar rejecting the upper resistance.

Commentaire:

An initial great start, this pair moved nicely downwards, but found support and profit taking at Fib 61% level, thereby moving price back up again (D'oh!). Very frustrating, I should have paid more attention to profit taking areas.

Price has now moved back up to just shy of where we started and it just about kissing the upper tramline again. Looks like bulls are exhausted for now and we can hopefully see some good bearish action again from here.

This is also a good opportunity to get a better R/R so I'm going to add a second bearish position.

Ordre annulé:

I really should have paid more attention to the fact that the EMAs had crossed and we were now in an uptrend. I failed to notice the diagonal support channelling price in to a wedge.

What started out as a great trade, ended up being poorly managed and losing.