15' EURUSD Bull Flag Breakout

FX:EURUSD   Euro / U.S. Dollar

The 15' Bull Flag was just confirmed by price, with precise touchs to the line.
Due to the recent uptrend move, this trade has a great R:R of over 1:3, and it's on the trend side.
The 100% Fibo projection is exactly at the major daily resistance, but as a day trade it's reasonable to take profit a little earlier.

Comment: The first up leg of the trade found resistance at 1.0743, so I draw a Fibo of this up leg and reduce my initial stop loss to 1.0727 (below 61% retracement), a 44% risk reducing.
I always try to control and reduce my risk, it's very important to have the right trading mindset, take short losses and accept the risk.
Trade closed manually: Stop loss hitted at 1.0727, total loss of -0.29% (the initial risk was 0.5%).
The wins and losses are randomly distributed among all the trades we take during the weeks and months, so my #1 rule is to always control my risk and accept a loss (the shorter the better).
Comment: The Bull Flag pattern is still there. I'm now looking at 30' chart, and above 1.0747 my buy stop is triggered.
Some times I get stop out because I prefer to work with tight stops (just my trading style, not necessarily the best one), but the pattern is still valid. So, if there is another good opportunity to get in, I dont hesitate.
But, if the price comes down below 1.0720 again, then I cancel my buy stop and keep watching.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out