CHART ART: EUR/USD Resistance Holds. Time to Short?

GOOD MORNING STEEMIT!

Back with some Friday morning CHART ART and a look at EUR/USD.

This was a setup that we've been watching all week and the following quote is taken from Monday's EUR/USD Range Top Resistance Level blog post.

EUR/USD Daily:

Now take a look at what price has done since then:

EUR/USD Daily:

So it does look like the higher time frame, range top resistance level is holding afterall?

Seriously, how often do we see that final shakeout of weak shorts! If a setup looks too good to be true, such as the hold from Monday's blog, then the market will make sure to fuck those of us that think we can get free money.

If the higher time frame level has now held, zoom into an intraday chart and lets see what we have:

EUR/USD Hourly:

From here, I'm happy to play from the short side as if the level has held and will be now looking to sell intraday short term support turned resistance. That's right, selling any little rally to get the best risk:reward.

To build this position, we have our stop at new highs which are above the higher time frame resistance level and then each time you add into your shorts, you can be more aggressive and go for the home run.

While you're here, please take a look at my new Trading Strategy series of blogs, with #1 looking at 3 Ways To Manage Risk.

Have a great Friday guys. Hopefully this one sets us up for the weekend.

Peace!

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Related @forexbrokr CHART ART Blogs

If chart setups that I've spoken about before are related out then I'll leave them here.
CHART ART: EUR/USD Range Top Resistance Level

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