Hi traders,
It is very easy to see that the uptrend is exhausted and finished. Maybe it will go a little higher but only a few pips. My guess is up to 1.1220. And here starts my analysis.
(Don't worry, my idea is quite simple to understand and much easier to trade.)
There are two strategies:
STRATEGY #1
First of all I put a sell limit order at 1.1220 with a small lotsize. (Without any visual confirmation, I know, but that's the game.) If the market will reach this level, fine! I am done and wait. Then the price should fall below the horizontal line with the sell limit order #2. I will place this order ONLY if the price is far away so it could not be triggered too early. During the day the market will retrace to this horizonal line (SLO #2) and then I will sell more because then is the confirmation on the chart visible.
STRATEGY #2
If the market will fall instantly instead of creating a new high, I delete my SLO #1 and wait until the market will retrace to the SLO #2. So I don't chase the price. I never did that. Just waiting patiently until the market will move to the levels.
If you have any questions please COMMENT or - if you like my idea - LIKE it! Thank you in advance ;)
I wish you good luck and a lot of pips!
It is very easy to see that the uptrend is exhausted and finished. Maybe it will go a little higher but only a few pips. My guess is up to 1.1220. And here starts my analysis.
(Don't worry, my idea is quite simple to understand and much easier to trade.)
There are two strategies:
STRATEGY #1
First of all I put a sell limit order at 1.1220 with a small lotsize. (Without any visual confirmation, I know, but that's the game.) If the market will reach this level, fine! I am done and wait. Then the price should fall below the horizontal line with the sell limit order #2. I will place this order ONLY if the price is far away so it could not be triggered too early. During the day the market will retrace to this horizonal line (SLO #2) and then I will sell more because then is the confirmation on the chart visible.
STRATEGY #2
If the market will fall instantly instead of creating a new high, I delete my SLO #1 and wait until the market will retrace to the SLO #2. So I don't chase the price. I never did that. Just waiting patiently until the market will move to the levels.
If you have any questions please COMMENT or - if you like my idea - LIKE it! Thank you in advance ;)
I wish you good luck and a lot of pips!
Comment:
Ok, I deleted my SLO #1 and opened the SLO #2 in line with the Strategie #2 at a price of 1.1850. Then I only have to wait. (The stop depends on your money-/riskmanagement.)
Trade active:
SLO #2 is triggered.
Comment:
The goal for today is done by the market. If you measure with the fib tool the last swing down then you get exactly at the 2.0 the daily/weekly and even the monthly high. Right to the pip! Market is in a heavy distribution phase. So let the fiber ride!
Trade active:
The fall has begun and now I am moving my stopp to 1.1267, right on the top of the high, and wait. No stress, nothing at all.
Trade closed manually:
I have closed my sell position for this trade with a small plus. Why? Because I am awaiting a minimum 100 pips move to the upside for today. So this move for today will create a new high.
Thank you very much for all your comments and likes and your ideas!
Thank you very much for all your comments and likes and your ideas!