- Currently in a downtrend after bouncing off R1
- is about to pass below 50
What I expect :
- Price will keep going down until it bounces off my around the . level of XA then shoot back up
What I'll do :
- I will wait for the price to cross the . level and go short with a stop loss just above the . and watch for the bounce at "D"
- Once the price bounce at D, go long with stop loss just below the . and ride the uptrend until the . at which point I'll decide either to close my position or depending on the price action, only close half of it and see where that leads me.
My sell stop was triggered at 1.45544, it was all going well until the price decided to jump and high five my stop loss :(
Lesson learned : Don't be overconfident on volatile market. Have bigger stop loss even if it means less profit. Tiny profit is better than no profit at all.
PS : I'll keep monitoring this pair as I am still confident that the price will keep falling around 1.44400