12/26/23 Aussie Dollar
Aussie Dollar is at a level I see as potential reversal. There is a 4h fib in place and price is currently sitting around the -27.
Price has also been rejecting the price of 0.682. The second rejection of the price a bearish engulfing was formed. There is also divergence with price. Price is making higher highs, while the RSI is making lower highs.
I am looking for a correction followed by a continuation selling down to 0.678.
Price has also been rejecting the price of 0.682. The second rejection of the price a bearish engulfing was formed. There is also divergence with price. Price is making higher highs, while the RSI is making lower highs.
I am looking for a correction followed by a continuation selling down to 0.678.
That prompted me to enter into the trade earlier than my original price entry.
-Prior to setting the limit order I accepted the potential risk of this position not being fulfilled. I enter with a smaller lot size based off of the probability of this position.
-I displayed impatience entering into the position as a market entry rather than a desired limit order. Demand your price entry point, if price was selling under your limit order, adapt.
-0.680 is a critical price point. There would likely need to be higher volume for price to sell under this key area.
-SL was placed at the previous high. As price got closer to that SL I closed the position early. That was a good decision on my behave to save some capital and accepting the fact this position is a losing position. I was wrong and I am straight with that outcome.
#MindExchange #ME