Trade plan 27 October 2016

Daily Chart

-Daily chart Price Action Price previously broke through the strong support psyc level of 1.27900,Price also formed a bearish trend and is currently at psyc level support 1.200 Stochastic is currently at the 50% line heading to the overbought zone Market The 55 and 21 Moving average indicate a strong bearish trend

H4

-H4 chart Price Action Price is currently at the monthly cluster pivot point forming a bearish trend with a Descending triangle Price failed to break through the 1.226600 Stochastic is at the overbought zone Market A convergence between the 55 and 21 moving averages is seen while the market still indicates a bearish market

H1

-H1 chart Price Action Price is currently at daily cluster pivot point, Price also formed a descending triangle , Price broke through the 1.2220 support psyc level a retest of the psyc level will be a opportunity to enter Market The 55 and 21 Moving average cross occur indicating a bullish market but the 55 &21 SMA are seen converging Planed Entry Looking for price to retest the 1.2220 support psyc as resistance followed by a series of Lower low and Lower Higher Entry :1.2220 SL :1.224609 TP:1.215336

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