Description
⋅ 2016Sep15 I am going short to 1.1219 with a stop at 1.1283.
Large upper candle wicks are generally followed by a strong retracement.
The retracement often reaches the 138.20% fib level.
I am remaining conservative and only going to the 100% level since the US sales data that just came out was not very positive for the dollar.
Comment
⋅ I generally trade for relatively small gains so I always zero out my stops once I am ahead by 10 pips. The trade is then re-evaluated.
Comment
⋅ Target reached.