Seeing as though the market is below the purple line (1HR resistance) I'm looking for an opportunity to short this pair. The last breach the market made on this pullback was were I marked it with the dotted line. From what I can see the market came up and then halted near the purple line for some time which looks like the momentum has faded. What I'd like to see is the price breach below the dotted line and hover there for a bit and show signs of a struggle to come back up,then I can pull the trigger.
Trade active
Comment:
Seeing that large green candle come up so hard made me sweat a little but after it closed leaving behind a wick, made me feel a bit better about this trade. Why did it get rejected? is a good question. I can't set my stop-loss to zero just yet,I need the next swing down in order to do that.
Comment:
It's taken longer than expected but it looks like price has finally broken through that problematic area and it is now safe to set my stop-loss to my entry price. I am now risk-free on this trade. I'm going to keep a close eye on this trade because of the way its moving towards my take-profit,it seems to be struggling to make it to the low.I might have to close early or remove some of my position. Will see in couple of hours :)
Comment:
Although price has reached close to my take profit,I have already removed half my position in fear that the market turns around before actually hitting my take profit. I'm going to keep my take profit as is because I'm expecting the market to react,especially around the low or near the 0.87500 area :)
Trade closed: target reached:
Awesome trade,everything worked out according to plan due to proper analysis and trade management. If I can trade like this consistently,I'll be in the money a lot more with fewer grey hairs.Time for bed :)