Price broke through our recent structure putting in a huge candle, and seems to stall at our next structure level.
There are several fibs confluencing in my killzone, and RSI is now overbought. Looking for some reason on lower timeframe to go short, either a double top or lower low/lower close. Looking for target1 at retest of the strong support-level at around 126.770's, and target2 at 127 extension of previous move down in case we break through our structure support and continues in the direction of the trend.
Always conduct your own analysis before executing a trade.
There are several fibs confluencing in my killzone, and RSI is now overbought. Looking for some reason on lower timeframe to go short, either a double top or lower low/lower close. Looking for target1 at retest of the strong support-level at around 126.770's, and target2 at 127 extension of previous move down in case we break through our structure support and continues in the direction of the trend.
Always conduct your own analysis before executing a trade.
Trade active
Trade closed manually:
I closed my first profit halfway down to target1, and moved stoploss on target2 to breakeven prior to NFP today.
Trade closed: target reached:
Closed out in profit on second position on trailing stops.
I still haven't got a valid reason for entering, so I am waiting to see if we come back up to retest the high forming a double top with RSI divergence or a lower low/lower close on the retest.
If not, this is just one of those trades that I couldn't take. It sucks, but that's the way it is. :)