STOP/ENTRY/TP - SHORT- CHFJPY ( 1.8% )
Room to the 4 hr 50. ( GREEN LINE INDICATOR )
R1 in line with previous turning points looking left.
h/s on hour, retesting under side of 1 hr 50 EMA...
Over Extension in the run on screen IMO.
Short term trade.
Looking for 1.75 - 1.8% profit.
Although it's a Friday ( Here in Sydney, Eastern Standard ) generally a No trade day for me. I think this in doable over the next 24 - 36 hr's
R1 in line with previous turning points looking left.
h/s on hour, retesting under side of 1 hr 50 EMA...
Over Extension in the run on screen IMO.
Short term trade.
Looking for 1.75 - 1.8% profit.
Although it's a Friday ( Here in Sydney, Eastern Standard ) generally a No trade day for me. I think this in doable over the next 24 - 36 hr's
Comment:
NO TRADE - ENTRY NOT REACHED - 0%.
Comment:
Good Morning all, Well the BIAS was correct but unfortunately the slightly higher pull back didn't occur to enter me in where i would have liked. So for me this WAS NOT a live trade. I had some questions regarding it - so i thought i would give a small description to further go into my thinking. See Below
Comment:
MY THOUGHTS -
1) I point out ( THE FALSE BREAK 1 and 2 ) where effectively BREAK OUT traders went short only to have price go against them. This fuels the run higher to the H/S pattern being formed.
2) Price falls below the NECK and more importantly under the 50 EMA. It retests the 50 EMA perfectly with the High Test, the BIAS now turning to the Short side.
Ordinarily this would have been a great spot to go short for a 1:1 trade to my target. I like to go for a better Risk:Reward.
3) I was hoping that the BREAK OUT traders would this time stick to a LONG BIAS and tap my entry at a point of better value. This would have assisted with a move lower as again they would have been trading against the SHORT BIAS.
4) In the end - the lead up, confirmation and high test entry point below our 50 EMA was seen by the majority and entered on. The outcome for all to see.
Well done to all that took profits here.
Hope you all have a good weekend, See you soon.
1) I point out ( THE FALSE BREAK 1 and 2 ) where effectively BREAK OUT traders went short only to have price go against them. This fuels the run higher to the H/S pattern being formed.
2) Price falls below the NECK and more importantly under the 50 EMA. It retests the 50 EMA perfectly with the High Test, the BIAS now turning to the Short side.
Ordinarily this would have been a great spot to go short for a 1:1 trade to my target. I like to go for a better Risk:Reward.
3) I was hoping that the BREAK OUT traders would this time stick to a LONG BIAS and tap my entry at a point of better value. This would have assisted with a move lower as again they would have been trading against the SHORT BIAS.
4) In the end - the lead up, confirmation and high test entry point below our 50 EMA was seen by the majority and entered on. The outcome for all to see.
Well done to all that took profits here.
Hope you all have a good weekend, See you soon.
Comment:
TRADE NOT ENTERED - 0%