This is another trade I took. Hopefully it will span out before the NFP announcements in seven hours. Very simple chart set up as usual.
The price is currently testing the trend-line. I would say it is around the third to fourth. Generally this will hold. I don't like to place trend-line trades because the more times a trend-line has been tested, the weaker it becomes and prone to a breakout. In the current example, I think selling will pursue soon. The buying pressure eased off quickly actually. As buyers are looking to close out their longs, it caused two pull backs. Right now, it looks like more and more selling orders are coming in, but rather slowly. Take profit has been set at 50% of the way to the support zone. We do not want to have a very aggressive take profit here because this trade needs to close out before the NFP announcement comes in the morning.
The moving average is also a nice confirmation. The two moving averages are easing off and curving to a falling action. The price seems to have hit the moving average resistance. So far, it is looking pretty good.
