$100k Challenge - AUDNZD Long - Trade Review - E2 T2
Hey everyone!
Great news: we have our first winner for the second season of the challenge series!
While monitoring the trade a few days ago, I decided to close half of the trade early and move the SL into profits. This was because I noticed several bearish patterns as we approached the resistance, which led me to believe a resistance break would take more time.
Fast forward a couple of days, bringing us to today's chart; we see an interaction with the resistance that prints a bearish engulfing candle, while the stochastic is signaling a strong overbought scenario with a crossover. Seeing this pattern leads me to close the second half of the trade, effectively closing out the position entirely.
The plan for this pair is to keep monitoring it, as I do consider the stage is set up for a bullish long-term scenario as we continue to develop the accumulation phase (Wyckoff), which can present more trading opportunities, either on another visit to the previous support area or through a resistance break and retest.
Remember to click the nice rocket button and follow me to receive more trade ideas through the funded account challenge journey!
Until the next trade!
Great news: we have our first winner for the second season of the challenge series!
While monitoring the trade a few days ago, I decided to close half of the trade early and move the SL into profits. This was because I noticed several bearish patterns as we approached the resistance, which led me to believe a resistance break would take more time.
Fast forward a couple of days, bringing us to today's chart; we see an interaction with the resistance that prints a bearish engulfing candle, while the stochastic is signaling a strong overbought scenario with a crossover. Seeing this pattern leads me to close the second half of the trade, effectively closing out the position entirely.
The plan for this pair is to keep monitoring it, as I do consider the stage is set up for a bullish long-term scenario as we continue to develop the accumulation phase (Wyckoff), which can present more trading opportunities, either on another visit to the previous support area or through a resistance break and retest.
Remember to click the nice rocket button and follow me to receive more trade ideas through the funded account challenge journey!
Until the next trade!
