Notes in chart
Comment:
You may have to scroll the chart a little to read the full notes at the bottom (blue box)
Trade active:
I posted this to the Forex chat but did not update our entry here. The 1hr timeframe gave us an inside bar followed by a break to the downside, right into its 20 period simple moving average. This made the perfect setup for a false inside bar breakout and our buy stop went above this candle with a stop loss below. s3.amazonaws.com/tra...shots/u/UlKcY5zo.png
Comment:
To clarify the previous update, we were triggered long above the green candle which is the inside bar. This was a relatively risky move from my perspecive as price was still trading in the middle of this range, which means that our position would be exposed to a high degree of volatility as both bulls and bears seek to take position with the expectation of a breakout in their perspective directions. We were fortunate enough to have a strong upside impulse after the formation of an additional indecision candle.
Trade closed: target reached:
Our profit target has been reached but due to the continued upside momentum we've decided to leave 25% on the table to capture any additional upside. Stop loss on the remaining position will be moved up every two hours to below each 2hr candle as it closes.