1. Price has provided entry criteria on the 5 minute in an over extended area of price for the EURUSD.
2. The price at which entry was satisfied was below the prior short swing, this allows the entry to be taken.
3. Price closed below the white line at 1.19133 on every time frame from the 5 minute up to the Weekly after entry, contrary would require the trade to be manually closed for a marginal loss. This provides confidence to stay in the trade to either stop loss or profit taking.
4. Tight yet realistic stop placement allowing a 1:7 RR which far outweighs a general 1:1.5 RR I'd take.
All the best,
2. The price at which entry was satisfied was below the prior short swing, this allows the entry to be taken.
3. Price closed below the white line at 1.19133 on every time frame from the 5 minute up to the Weekly after entry, contrary would require the trade to be manually closed for a marginal loss. This provides confidence to stay in the trade to either stop loss or profit taking.
4. Tight yet realistic stop placement allowing a 1:7 RR which far outweighs a general 1:1.5 RR I'd take.
All the best,
Trade closed manually:
Adjusted extended zone for the new week and price behaviour is not favourable. Trade closed for mostly BE