EURUSD
I'm long again on this Bull Flag breakout. The market reading is the same as today earlier, but with a different timeframe and momentum.
The actual candle just formed a big Bullish Outside Bar, breaking up the consolidation box and showing the strong up momentum.
The day trading relies good part on timing and momentum, it's important we realize that.
Comment:
The top of the consolidation, previous resistance, should now act as new support. That's why I work with a tight stop loss. If this support doesnt hold, I'm done with the trading.
Comment:
As said, the previous resistance worked as new support, and the price is going up. I move my SL to 50% now, under the actual candle.
Trade active:
The price has gone through the R:R of 1:1, and the stop loss is now moved to breakeven. Before I even think about making money, I think about taking care of my bank, and after that, I try to let some profits run.
Comment:
The stop loss is now at 1.0756, the new support formed (there is a new flag forming on 15').
Trade closed manually:
Stop loss (already locked in profit) was hitted in the night session. Final profit +0.2%.
I move my SL up as new supports or Fibonaccis are formed, this way I give my trade the opportunity to go for highers profits, but I'm always protected on the down side if the momentum reverses.
I move my SL up as new supports or Fibonaccis are formed, this way I give my trade the opportunity to go for highers profits, but I'm always protected on the down side if the momentum reverses.