I mostly trade advanced patterns, but trying to improve my skills at trend continuation trading.
I'm trying to do something ambitious here. Be sure to conduct your own analysis before entering a trade.
EURUSD0.56% is in a bearish trend on the 4H chart. What I'm trying to do is catch the outside return from a signal on lower timeframe which would give me a tight stop, and see if I can ride it down to 4 hour targets.
Waiting for a potential double top on the 15 minute to give me a valid entry signal. My first target is at retest of previous low on 4H. My second target is at 1.27 extension of previous move down, and that would also be the completion of a potential Three drives pattern.
This means that when I reach my target 2, I will be looking for a reason to enter long again and look for targets near previous structure.
Trade active:
Decided to enter agressively on lower low, lower close candle on 15 min. Might as well create a double top there, so it would still be possible to enter on that. I'm demo-trading this by the way.
Trade closed: stop reached