Made a helathy profit following this pairs bullish uptrend, but the pair sold off on the 2-Aug, probably due to profit taking at 9.6000. Price has retraced back to the Fib 28% level and formed a perfect rounded bottom on the 1hr chart.
I actually spotted this trade at 9.4855 but decided to wait for confirmation that price had broken the Daily 8EMA resistance. Still it offers a potential 3.5 x risk.
Trade closed: stop reached
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What I hadn't noticed on this trade is that we were at the top of a very clear and obvious multi-year range and that price was on it's way down. Ooops!
So our little spurt upwards was merely a counter trend Fib retrace on it's way down. We really should have spotted this and been short on this trade, it would have been a very good short trade to take.
<b>Lesson: Always remember to check the higher timeframe before entering a trade. </b>