I saw the pin bar form on the prior candle once it closed I entered short on a break of the 1.2700 level. I placed my stop just above the pins high, giving me around 25 pips of risk, while my target is 1.2630 to around 1.2610 depending on price action.
This pin bar is maybe a B in my book, I'm testing an idea out using a demo account thats why I took a B trade.
Not a whole lot of resistance above, which I marked on the chart.
With a break of the .618 fib level price may run down to the 1.2652 level fast, only to be supported by the 50ma, 20ma and the 50% fib level.
Just an update:
I am revising my initial target to the .50 fib level, then moving stop to breakeven. Letting the rest of the position run to my original targets of 1.2630 & 1.2610.
Feedback is welcomed and wanted. Thanks
This pin bar is maybe a B in my book, I'm testing an idea out using a demo account thats why I took a B trade.
Not a whole lot of resistance above, which I marked on the chart.
With a break of the .618 fib level price may run down to the 1.2652 level fast, only to be supported by the 50ma, 20ma and the 50% fib level.
Just an update:
I am revising my initial target to the .50 fib level, then moving stop to breakeven. Letting the rest of the position run to my original targets of 1.2630 & 1.2610.
Feedback is welcomed and wanted. Thanks