$100k Challenge - CADCHF Long - E12 T1
Hey all!
Since I'm trading from the daily and H4 charts, occasionally checking the H1, there hasn't been much activity this last week, that's why I just skipped the weekly review as no new setups showed up and the 3 running trades are, well, still running haha.
I'm following a break and re-test formation here. The daily bearish trendline broke a few months ago and the market seems to have tested the breakout and the support that the last lower low formed.
Looking closely at the H4 time frame the market seems to have little supply pressure and indicates a presence of demand. In other words, the market reacts quickly to the upside but moves slowly to the downside, which I suspect is a strong signal of the support remaining valid.
On the trade management side, the initial take profit is located at the nearest resistance and the second take profit will remain open for a potential bullish run to the next resistance, which is older and a bit more relevant. For the stop loss, I placed it 1 ATR below the last low from the support interaction.
Definitely a rocky start with 2 straight bad setups and one regular stop loss, however, the challenge is still on, and if anything, a new season of the journey will start! Anyways, hope you enjoyed this update!:D
Since I'm trading from the daily and H4 charts, occasionally checking the H1, there hasn't been much activity this last week, that's why I just skipped the weekly review as no new setups showed up and the 3 running trades are, well, still running haha.
I'm following a break and re-test formation here. The daily bearish trendline broke a few months ago and the market seems to have tested the breakout and the support that the last lower low formed.
Looking closely at the H4 time frame the market seems to have little supply pressure and indicates a presence of demand. In other words, the market reacts quickly to the upside but moves slowly to the downside, which I suspect is a strong signal of the support remaining valid.
On the trade management side, the initial take profit is located at the nearest resistance and the second take profit will remain open for a potential bullish run to the next resistance, which is older and a bit more relevant. For the stop loss, I placed it 1 ATR below the last low from the support interaction.
Definitely a rocky start with 2 straight bad setups and one regular stop loss, however, the challenge is still on, and if anything, a new season of the journey will start! Anyways, hope you enjoyed this update!:D
