Keeping it simple. Short the resistance (red rectangle ) or Long the support (green rectangle )
I'll wait for the trade to come to me. R:R is fantastic for both scenario (see chart)
I'll wait for the trade to come to me. R:R is fantastic for both scenario (see chart)
Trade active
Comment:
I'll lock in profit for 50% position at 0.081561 and will also move my stop to entry there.
Comment:
I posted the update on this trade 13 hours ago in the comments section of this idea by mistake rather than posting it here. So here it goes...this is what I did 13 hours ago:
As planned, closed half at 0.081561 with 11.24% profit.
SL at 0.089206 (bottom of red rectangle) which gives me a nicer and better evolving R:R
As planned, closed half at 0.081561 with 11.24% profit.
SL at 0.089206 (bottom of red rectangle) which gives me a nicer and better evolving R:R
Comment:
Zooming in on Hourly chart, I see price has been consolidating at support for long. Usually this means trouble, but majority of the candles closed below support. I am being more risk-averse here and closing another 30% position. This means I am only left with 20% of my position open, so no need to sweat if it goes against my direction.
Comment:
I see a descending triangle on D1 timeframe, so chances are higher for a break down. Green line acting as support currently and red line is resistance. Price has been consolidating at support for a few days now. I have moved my SL to entry for my remaining 20% small position.
Trade closed manually:
Following up on my last update, price broke below support (green line at 0.079122) as expected and is currently staying below this level. Having said that, On D1 timeframe, I see a bull flag forming (also a bullish wedge) - see chart. This trade has already generated very good profit (overall 13.80% profit) which I do not want to give away. Cutting my remaining 20% position here before target.
Immediate 3% rejection from the red rectangle (good sign)