EURSGD - BEEB at highly confluent level
A bearish engulfing bar has formed at the 50% retracement level after a short uptrend.
Confluent factors include:
- Fib 50% level
- Prior support resistance
- BRN 1.53
- Trendline resistance
- Also a huge weekly baerish pinbar.
Enter: at 50% retrace of the weekly pinbar.
TP1: At resistance level around BRN 1.500
Confluent factors include:
- Fib 50% level
- Prior support resistance
- BRN 1.53
- Trendline resistance
- Also a huge weekly baerish pinbar.
Enter: at 50% retrace of the weekly pinbar.
TP1: At resistance level around BRN 1.500
Order cancelled:
This trade was a bit slow getting going. The order entry for a 50% pullback of the weekly pinbar didn't get triggered and so I close the order on 30/8.
3 days later my entry level was hit (within 4 pips) and the trade would have been triggered. I probably would have cancelled the order anyway, because I already had too many positions open for NFP and my risk would have been too high, but this is a useful example of the need to be patient.
3 days later my entry level was hit (within 4 pips) and the trade would have been triggered. I probably would have cancelled the order anyway, because I already had too many positions open for NFP and my risk would have been too high, but this is a useful example of the need to be patient.
