MAIN INFO
- Date: Thu. Feb 11, 2019 4:20pm (PT)
- Trend: Short
- Time frame: Day
- Pattern/Strategy: Wedge breakout and retest
- Bias: Short
- News: No news in the next 48 hs
TREND ANALYSIS:
----------------------
- Health (highs and lows tell the whole story): Healthy
- Momentum (distance between subsequent retests): Constant
- Clustering: n/a
- Strength: Good steepness, decreasing slope, solid candle bodies, EXP Moving averages as dynamic resistance.
ENTRY POINT ANALYSIS
----------------------------
- 'Primary Cycle' Analysis (1W): Agreeing with 'Secondary Cycle' (1D) plus engulfing candle on 1W.
- Market Phase Analysis (Dow Theory): Distribution
- Candlestick Analysis: ~ Pinbar
- Key Level Analysis: Good Resistance @ 124.600 and 124.900
- (10&20) EMA Analysis: Dynamic S/R and no over-extension.
INTERMARKET - CORRELATIONS - STRENGTH ANALYSIS
-------------------------------------------------------------------
- Sentiment: it seems Risk-off
- Currency Correlation: USD/JPY close to a trendline/channel resistance while EUR/USD has room go further down => EUR/JPY seems bearish.
TRADE DETAILS
--------------------
- Timing (entry chosen on): 1D time frame
- Volatility Analysis: Medium
- Liquidity Analysis: Medium(Thu);
- Order type: Market
- Week trades #: 1st
- Risk (equity %): 1%
- Entry: ~ At 50% Pin bar
- Stop Loss: Behind the pin bar's tail & ~ 60 pips
- Take Profit: At key level & At measured objective
- R:R: ~ 3.5
- I am planning to Pyramid @ retest of 122.600 as resistance.
- Date: Thu. Feb 11, 2019 4:20pm (PT)
- Trend: Short
- Time frame: Day
- Pattern/Strategy: Wedge breakout and retest
- Bias: Short
- News: No news in the next 48 hs
TREND ANALYSIS:
----------------------
- Health (highs and lows tell the whole story): Healthy
- Momentum (distance between subsequent retests): Constant
- Clustering: n/a
- Strength: Good steepness, decreasing slope, solid candle bodies, EXP Moving averages as dynamic resistance.
ENTRY POINT ANALYSIS
----------------------------
- 'Primary Cycle' Analysis (1W): Agreeing with 'Secondary Cycle' (1D) plus engulfing candle on 1W.
- Market Phase Analysis (Dow Theory): Distribution
- Candlestick Analysis: ~ Pinbar
- Key Level Analysis: Good Resistance @ 124.600 and 124.900
- (10&20) EMA Analysis: Dynamic S/R and no over-extension.
INTERMARKET - CORRELATIONS - STRENGTH ANALYSIS
-------------------------------------------------------------------
- Sentiment: it seems Risk-off
- Currency Correlation: USD/JPY close to a trendline/channel resistance while EUR/USD has room go further down => EUR/JPY seems bearish.
TRADE DETAILS
--------------------
- Timing (entry chosen on): 1D time frame
- Volatility Analysis: Medium
- Liquidity Analysis: Medium(Thu);
- Order type: Market
- Week trades #: 1st
- Risk (equity %): 1%
- Entry: ~ At 50% Pin bar
- Stop Loss: Behind the pin bar's tail & ~ 60 pips
- Take Profit: At key level & At measured objective
- R:R: ~ 3.5
- I am planning to Pyramid @ retest of 122.600 as resistance.
Trade closed: stop reached
Comment:
I should have been waiting for a better rounded retest, plus the pin bar was on limit of the wedge's trend line.