Background:
- Last Friday closed a bearish reversal candle after failing to break the channel support which held on multiple occasion in the past.
- Seems like the price has decided to go south after 3 days of dojis....
- Previously took profit from the CADCHF - 20 October short in the previous bear trend
Entry:
- Sell stop of 15pips below the bearish reversal candle @ 0.7465
TP;
- Set within the potential support area which covers the daily horizontal support at 0.745 and channel support at 0.726.
- Exact TP set at 0.731, just before the 0.73 round number
SL:
- Set at the 38.2% fib level of the whole bearish formation @ 0.7525
Alert:
- OPEC meeting ahead might be a wild card for this trade set up.
- To actively manage this trade upon the OPEC meeting
- Last Friday closed a bearish reversal candle after failing to break the channel support which held on multiple occasion in the past.
- Seems like the price has decided to go south after 3 days of dojis....
- Previously took profit from the CADCHF - 20 October short in the previous bear trend
Entry:
- Sell stop of 15pips below the bearish reversal candle @ 0.7465
TP;
- Set within the potential support area which covers the daily horizontal support at 0.745 and channel support at 0.726.
- Exact TP set at 0.731, just before the 0.73 round number
SL:
- Set at the 38.2% fib level of the whole bearish formation @ 0.7525
Alert:
- OPEC meeting ahead might be a wild card for this trade set up.
- To actively manage this trade upon the OPEC meeting
Order cancelled:
Updates - 29 November 2016:
- Woh, super bullish marobozu formed and engulfed the previous bearish trigger.
- Trade not yet triggered. Since the bullishness, i have cancelled my trade.
- Seems like a bullish breakout could be highly likely....
- However, a strong bearish reversal candle formed here bring the bear back into the picture... till then will observe daily close to make my next move
- Woh, super bullish marobozu formed and engulfed the previous bearish trigger.
- Trade not yet triggered. Since the bullishness, i have cancelled my trade.
- Seems like a bullish breakout could be highly likely....
- However, a strong bearish reversal candle formed here bring the bear back into the picture... till then will observe daily close to make my next move
