Hey Guys!
As you guys know, last Friday I took a Short Entry at 131.67 with a stop loss at 133.68 and the main target at 114. 40 .
2 hours ago, I took another short entry at 131.70 with the same risk parameters.
The reason for the 2nd entry short was due to short term short strength coming back in .
As you can see on the chart, first there was a 1m fake double bottom that reached its target height level before reaching the 2nd bottom's stop loss level. This signals short term long strength.
Moreover, there was a 1h upward trendline breakout then immediate break back in. Which also signals short term long strength.
Now, if there was truly short term long strength, price should not reach the 1h pivot low of the break back in confirmation and the 1m fake double bottom.
However, price reached that pivot low. Signaling, that although there was short term long strength, short term short strength was able to over ride it, showing strong short term short strength.
So for the time being, I have 2 short positions with the risk parameters mentioned above. But since price is making rather complicated short term signals, I will be watching for any signs of short term long strength kicking back in.
If it does, there is the possibility that I will abort both positions to see if I can get a better short entry at higher levels.
I'll keep you updated!
Have a great day guys!
Ken
Disclaimer: This is not Personal Financial Advice.
As you guys know, last Friday I took a Short Entry at 131.67 with a stop loss at 133.68 and the main target at 114. 40 .
2 hours ago, I took another short entry at 131.70 with the same risk parameters.
The reason for the 2nd entry short was due to short term short strength coming back in .
As you can see on the chart, first there was a 1m fake double bottom that reached its target height level before reaching the 2nd bottom's stop loss level. This signals short term long strength.
Moreover, there was a 1h upward trendline breakout then immediate break back in. Which also signals short term long strength.
Now, if there was truly short term long strength, price should not reach the 1h pivot low of the break back in confirmation and the 1m fake double bottom.
However, price reached that pivot low. Signaling, that although there was short term long strength, short term short strength was able to over ride it, showing strong short term short strength.
So for the time being, I have 2 short positions with the risk parameters mentioned above. But since price is making rather complicated short term signals, I will be watching for any signs of short term long strength kicking back in.
If it does, there is the possibility that I will abort both positions to see if I can get a better short entry at higher levels.
I'll keep you updated!
Have a great day guys!
Ken
Disclaimer: This is not Personal Financial Advice.
Forex Trader/Forex Trading Education/Weekly Forex Forecasts and Midweek Forex Analysis