EURUSD
Already entered the trade.
Above ATR and prices were more favoring to a bullish price action, however the big bull trend bar late in the Asian session suggest a climatic move up.
After a climatic move up prices should fall back to test support of the trend line of the broad bull channel. If price should fill the unsustainable move up and pullback at least for a test of the trend line before moving up.
Must manage the trade carefully as prices are more bullish than bearish however, price action hints to a move down before a move up.
Comment:
Forming a double top resistance near entry price. If resistance breaks probably better to cut loses and close trade with loss. Bearish momentum from breakout is lost, needs to regain more momentum.
Comment:
Prices reached around resistance level around 1.2130 taking partial profits around this general area.
Comment:
Price reached and is finding support at today's open, debating whether to take partial or full profits at this level. Support level is also the 200EMA, so strong support level here, however breakout was strong so letting it swing down is also a reasonable choice.. Since ATR stop went above the prices, should decide based on the price action of the next few bars.
Comment:
Partial Profits at 1st drop down to support (1.2130~)
Doubled down at 2nd test down to support.
Partial profits again at test of support (1.2120~)
Now forming support near 200EMA. will swing rest of position down.
Doubled down at 2nd test down to support.
Partial profits again at test of support (1.2120~)
Now forming support near 200EMA. will swing rest of position down.
Trade closed: stop reached:
Swing trade failed and trade hit stop. Shouldn't have held the trade short as there were clearly more bullish pressure than bearish pressure.
Comment:
Bear Breakout after a few moves up after hitting stop should've considered prices moving at the extremes of resistance. During this particular trading range, the ranges seemed to take the past support and resistance of the prior trading range before the head and shoulders pattern, and as such after hitting those said support and resistance level prices reversed back down in typical trading range behavior.