This is an update to my EURAUD idea I posted a week ago.
Initially was looking for a retest of resistance to short, however I changed my mind and updated the idea to short much higher (See related link)
During NFP, the level I was looking out for was touched.
This setup is great due to the following reasons.
1. Exhaustion vol at PRZ
2. Pattern Completion
This is what I will be waiting for next week before I short this pair. One of both of these scenarios could happen.
1. Above average vol H4 candle which closes weak.
2. A retest of the 1.5120 level
Likely #1 can happen but if #2 happens before #1 happens, it will be a higher probability short.
EP: Close to 1.5100
SL: 1.5190 (90)
TP: 1.4810 (310)
Initially was looking for a retest of resistance to short, however I changed my mind and updated the idea to short much higher (See related link)
During NFP, the level I was looking out for was touched.
This setup is great due to the following reasons.
1. Exhaustion vol at PRZ
2. Pattern Completion
This is what I will be waiting for next week before I short this pair. One of both of these scenarios could happen.
1. Above average vol H4 candle which closes weak.
2. A retest of the 1.5120 level
Likely #1 can happen but if #2 happens before #1 happens, it will be a higher probability short.
EP: Close to 1.5100
SL: 1.5190 (90)
TP: 1.4810 (310)
Note
No weakness upon a retest of the PRZ level.
A real breakout here, short trade aborted.
Note
Price overshot the PRZ a little, however this pattern will still be valid if it turns somewhere close to current price. I will be watching this wedge breakdown to execute my short.
Trade active
entered short at 1.5120SL 1.5160
TP 1.5050
Trade closed: stop reached
Stop loss hit for this trade. -40 pips.What I can learn from this is that once PRZ is really broken, it should turn soon.
You can see clearly that PRZ became support after the break above.
Will not repeat the same mistake again.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.