I have the 4HR support marked out with the pink line,seeing as though price has failed to breach below it,this pair still wants to go long as far a I can see. The 1HR resistance marked with the purple line is now broken and price is holding above it which means it too, wants to go long. I can also see price struggling to make it back down to the 4HR support. My only fear is that my stop loss might be too tight.
Comment:
So far,the trade is working perfectly. I've set my stop-loss to break even,so I have no risk on this trade. Also I've removed half my position,will see how the market approaches my take profit,if the market doesn't show signs of slowing down,I might let this trade run a little longer :)
Trade closed: target reached:
Okay so my target was reached and the trade played out the way I wanted it too. I couldn't let it run because I wasn't able to keep an eye on it,so I left my take profit as is. Trade management was good,I had booked some profit and set my stop- loss to zero before my target was hit,to avoid my psychology from making me close too early. Overall I'm happy with this one :)