As we can see in the strong buy in the uptrend initially moving up 211 pips in 42 hours, the current buy is only able to move up 114 pips in 58 hours, taking longer to move up yet only half the distance. This information tells me that the buyers are dying out and can't continue the uptrend
Price also had stopped making HL and HH which is what a strong uptrend should be doing. It had instead made it's first LL and LH.
Looking at the most recent sell breach, comparing the current buy to the sell, the buy looks very weak as it pulls back, and the sell looks dominating.
Price had fulfilled my criteria and given me enough pull back.
Now I'm looking for a strong break of support and a weak retest towards it's will then be resistant after the break. If as performed, I will take the sell with SL at the recent high, TP at the recent low.
Price also had stopped making HL and HH which is what a strong uptrend should be doing. It had instead made it's first LL and LH.
Looking at the most recent sell breach, comparing the current buy to the sell, the buy looks very weak as it pulls back, and the sell looks dominating.
Price had fulfilled my criteria and given me enough pull back.
Now I'm looking for a strong break of support and a weak retest towards it's will then be resistant after the break. If as performed, I will take the sell with SL at the recent high, TP at the recent low.
Order cancelled:
Missed trade as it didn't give me a nice retest to enter, but it's alright. There are always more opportunities out there everyday. 😃
Trade active:
Got in at 113.483 for the sell after the market gave me pullback
Trade closed manually:
Closed at BE when ranging
Comment:
Trade went my way and even to my TP level right after I cut at a small loss. But no FOMO, I did a good job in managing risk as the trade could had went against me when in the range. A good trade should had already went my way after a few candles.