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SyndicateFX
Feb 22, 2019 7:22 PM

Week 8 Trade 3 AU Short Short

Australian Dollar/U.S. DollarFXCM

Description

Reasons for entry:
- Possible 1hr H&S pattern
- Price has rejected 0.7150
- Price is stagnating and showing a loss of momentum
- Possible weak Eveningstar candlestick formation on the 1hr timeframe

Entry Timeframe:
- 15 min bearish engulfing
- @0.7140

Stop Loss:
@0.7155 (-15pips)

Take Profit:
- Target 1 @0.7050 (+90pips) = Risk/Reward : 1:6.2
- Target 2 @0.7000 (+140pips) = Risk/Reward : 1:9.6


Notes:
- Risky trade but good Risk/Reward

Trade closed: stop reached

Took a small loss of -15pips, currently waiting for another short opportunity
Comments
newworker
good analysis but i think your stop loss should be wider!
SyndicateFX
@newworker, Thank you, I personally prefer having a tight SL so that if I’ve entered a trade too early I can re-enter it again later with better Risk/Reward and without risking too much or allowing my emotions to get involved.
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