- Currently price is in a rectangular consolidation trading below 200MA
- reversal candle/shooting star formed on 13 March after testing 200MA resistance and support turned @ 1.436
- Also there is a minor divergence formed at that area
- 20pips Sell stop below the 2nd low on 14 March 2017 @ 1.427
- Placed 20pips above the high of the reversal @ 1.446
- Placed at the bottom of the rectangular @ 1.37
- Price is up towards the end of the week and now still hovering around the 200MA resistance and 1.440 horizontal resistance area
- Things might not look good now, but i will hold on to this trade and only make my next step depending on the future price action at the area.
- Trade stopped out at SL point
- Probably a premature entry with the minor bearish divergence. Maybe i pushed the bearish divergence too much as 7 March does not really formed a swing high
- However, a possible bearish divergence formed after breaking out of the 200MA resistance.
- Probably an avoidable trade if i have check before entry on the bearish divergence formation.