Yesterday (12-Aug) we saw a clear break of a trendline, from the highs of 6-Aug to the highs of 11-Aug. NOt only that we saw a break above the 1.18000 and a retest of this same area which this morning held nicely as a supportive structure. Right now price is starting to show signs of exhaustion with big wicks to the 1.18500 level and we could see a form of retracement.
Right now I'm waiting for price to exhaust and form that higher low or even quite possibly test the 1.18000 area to form a double bottom and head back up to the highs of last week which I drew in with the grey box.
When price starts to enter the 1.18090 I will be keeping my eye out for any signs of rejection or long wicks to the bottom and enter as soon as I receive confirmation that the market wants to push to the upside again.
With a Risk/Reward ratio of 1:3. In this manner, I have put my stop-loss underneath the previous higher low, giving price room to run and my take-profit is just shy of the monthly high.
Right now I'm waiting for price to exhaust and form that higher low or even quite possibly test the 1.18000 area to form a double bottom and head back up to the highs of last week which I drew in with the grey box.
When price starts to enter the 1.18090 I will be keeping my eye out for any signs of rejection or long wicks to the bottom and enter as soon as I receive confirmation that the market wants to push to the upside again.
With a Risk/Reward ratio of 1:3. In this manner, I have put my stop-loss underneath the previous higher low, giving price room to run and my take-profit is just shy of the monthly high.
Trade active:
13 Aug 20:00 (GMT+2) - Entered the trade.
14 Aug 11:00 (GMT+2) - Almost got stopped out.
Just before markets closed on Friday I managed to move my stop-loss to break-even making this a risk free trade.
14 Aug 11:00 (GMT+2) - Almost got stopped out.
Just before markets closed on Friday I managed to move my stop-loss to break-even making this a risk free trade.
Trade closed: target reached:
17 Aug TP was hit