Was long here, but rarely, we're able to take profits and trade right back into the other direction, but these situations are uncommon.
I have tried to explain why I was long, and where I went short, and why I decided to immediately countertrend the trade I literally just did.
Best of luck,
- Email: Tomprotrader@gmail.com
- Telegram: @tomprotrader
Public Telegram channel: https://t.me/Tom_Pro_Trader
At the moment i see on the one hand the chance for a double bottom with basis 1,08. The target of this formation is 1,1425. -Above 1,1425 there is enough place to make a new high at 1,18. (orange counting)
On the other hand there is the strong momentum and dynamic of the longterm downtrend - we are trading at its trendchanels upper edge. This can perhaps be interpreated as a new anticyclical selling signal as long as we trade below this level.
-Below the last valid orange "3" at 1,08 a drop to 1,04 can be exspected
-below the last valid red "2" a longterm selloff can be exspected with target @ 0,92