Last long trade didn't work out, we went further down than expected and broke the trendline.
I am now looking to short this pair after a possible re-test of the trendline and/or S/R zone around 0.7333 (where I thought the bounce would come according to my previous idea).
My sell limit orders are set:
4 trades on chart with good R/R, SL above the last high, profit targets based on fib. and/or structure levels, final target is the higher timeframe "up" trendline seen below on the left chart (TP4 not fixed).
I will also set a sell stop below 0.7300 with the same targets (still deciding on SL) in case we fail to re-test the S/R zone or trendline above.
The red arrow depicts the alternative scenario, i.e. back up to the 'down' trendline or the higher timeframe .50 fib level (where the up trend seems to have ended) for a possible double top formation. If the current setup fails I'll be looking to short there
I am now looking to short this pair after a possible re-test of the trendline and/or S/R zone around 0.7333 (where I thought the bounce would come according to my previous idea).
My sell limit orders are set:
4 trades on chart with good R/R, SL above the last high, profit targets based on fib. and/or structure levels, final target is the higher timeframe "up" trendline seen below on the left chart (TP4 not fixed).
I will also set a sell stop below 0.7300 with the same targets (still deciding on SL) in case we fail to re-test the S/R zone or trendline above.
The red arrow depicts the alternative scenario, i.e. back up to the 'down' trendline or the higher timeframe .50 fib level (where the up trend seems to have ended) for a possible double top formation. If the current setup fails I'll be looking to short there
Comment:
TP1 reached! SL at BE
Comment:
TP2 reached a while ago already... TP3 part not reached but profits booked anyway, TP4 very small part still open...
Looking for countertrades now.
Looking for countertrades now.
