Short EU:
Reason: Huge downwards momentum during London. Price created support, broke and closed on the 15min.
Other timeframes: Bearish across all timeframes only issue is no wick on the 4hr and the 15min created a higher high but not a lower low.
Details:
Entry - 1.7777
Initial Stop - 1.7923
Target - 1.17521
Reason: Huge downwards momentum during London. Price created support, broke and closed on the 15min.
Other timeframes: Bearish across all timeframes only issue is no wick on the 4hr and the 15min created a higher high but not a lower low.
Details:
Entry - 1.7777
Initial Stop - 1.7923
Target - 1.17521
Trade closed: stop reached:
After entering the next 15min candle which was also the close of the 30min candle closed back above my breakout point.
The following 15min candle broke the high of the previous 15min and failed to create a low.
It looked like we began creating a level of support for a possible retracement. So I closed out 40% of my position.
I also noticed my entry lined up directly with minor 30min support.
Shortly after my initial stop was triggered.
1st Stop: 40%@-8.9
2nd Stop: 60%@14.6
In hindsight it's clear that the initial 4hr clean traffic had too much traffic on lower timeframes.
The following 15min candle broke the high of the previous 15min and failed to create a low.
It looked like we began creating a level of support for a possible retracement. So I closed out 40% of my position.
I also noticed my entry lined up directly with minor 30min support.
Shortly after my initial stop was triggered.
1st Stop: 40%@-8.9
2nd Stop: 60%@14.6
In hindsight it's clear that the initial 4hr clean traffic had too much traffic on lower timeframes.
Comment:
Video Breakdown here:
