EURSGD - Shooting star rejecting multiple resistance levels
Looks like a really clear bearish signal rejecting previous S/R level, a Fib 68% retrace level and a long-term downwards trendline.
A previous bearish engulfing signal on 26/8 failed as there were still too many over enthusiastic bulls around after the pairs phenomenal upwards move the previous week, causing the price to drop to do a fib 38% retrace and attempt to push higher. But clearly there is strong resistance around 1.5300 and we're now ready to move, hopefully to the lows again, giving us a decent 300 pips.
Good luck!
A previous bearish engulfing signal on 26/8 failed as there were still too many over enthusiastic bulls around after the pairs phenomenal upwards move the previous week, causing the price to drop to do a fib 38% retrace and attempt to push higher. But clearly there is strong resistance around 1.5300 and we're now ready to move, hopefully to the lows again, giving us a decent 300 pips.
Good luck!
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This still looks like a good signal to me, but I should have taken more notice of which trend were we in. With hindsight, I can see that there was a lot of bullish impulse looking momentum which should have made me think carefully about whether or not this was going to be a continuation down, or whether this was the start of a new upwards move.
Another mistake here is that had I entering on the break of the pin bar would have kept me out of this trade altogether. Schoolboy error.
Another mistake here is that had I entering on the break of the pin bar would have kept me out of this trade altogether. Schoolboy error.
