Euraud 1hr has a shooting star at the highs from the last 5 days, eurjpy a shooting star at a level that it has struggled to break above for the last 24 hours.
Looking at the 5 min charts, from 12.55 on euraud to 13.05 on eurnzd all 3 pairs have completed lower highs that have closed below their 50 level on stochastic 20 20 1. We would then look at 1 minute charts to time an entry on the next clean lower high/a b c move on the pair with the highest TT score.
So what would be the reasons for a sell:
- reaction to clearly visible resistance levels
- good 1hr closes, shooting stars with large upper wicks
- agreement across eur pairs with 5 min lower highs and stochastic 20 20 1 below the 50 level
I have been asked if I focus mainly on indicators or price action. I suppose the answer is yes and no. The use of an indicator gives you a specific compliance for a set up that you can then back check to ensure it works. It for example can be your trend definition. From there you can formulate your trade rules. In my case entry on this method is from price action i.e. higher low/lower high/a b c's.
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