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
Order cancelled
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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