Same as I had earlier this morning. The Asian session solidified my thoughts. Having two positions just in case it retraces deeper than first thought. See related chart for this mornings idea on the pair. Also sometimes you need to break down to the 5 MIN and 1 MIN chart for specific price action movements for these determinations but still using the daily chart as my overall directional bias. I place the fib on the bodies of the candles in the 5 min chart, wicks can differ wildly depending on broker. This gives you the best accurate reading of the chart from a fib standpoint if you want to enter at 62% or 71.5%.
Trade closed manually:
Close enough to close it now before end of day at 25-35 pips depending on which position or if you took both totalling about 60 pips.
Comment:
Hopefully you didn't see this in time and can close now with an extra 15 pips it just dumped.
Trade closed: target reached:
Or waited to see it finally hit the projected TP
The next trade is already set and will link it to this idea, it's another sell around 1.18198
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
