Looking to take a short in EURUSD if the following scenario
Requirements:
1. Downbreak to the orange line (S/R level 1)
2. I want to see an open/close of a 15min candles below it
3. Price moves up again to Sell area 1
S-L (Stop-Loss): Above the little swing generated when Sell area 1 acted briefly as support
Target: For me the next bigger support level (in this timeframe)
Consider: This trade is based on the 15min chart - therefor levels have less importance than on HTF (Higher-Time-Frame).
Good luck
Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Requirements:
1. Downbreak to the orange line (S/R level 1)
2. I want to see an open/close of a 15min candles below it
3. Price moves up again to Sell area 1
S-L (Stop-Loss): Above the little swing generated when Sell area 1 acted briefly as support
Target: For me the next bigger support level (in this timeframe)
Consider: This trade is based on the 15min chart - therefor levels have less importance than on HTF (Higher-Time-Frame).
Good luck
Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Comment:
S/R level 1 taken out. On a retest of Sell area 1 trade will be opened.
Comment:
Currently debating if the sell signal was given by this pattern.
After Sell area 1 was engulfed and price fell under it it generated a series of minor lower lows. While i certainly would short again if price approaches Sell area 1 again, i would adjust my S-L for now and would want to watch how price reacts to it.
Currently debating if the sell signal was given by this pattern.
After Sell area 1 was engulfed and price fell under it it generated a series of minor lower lows. While i certainly would short again if price approaches Sell area 1 again, i would adjust my S-L for now and would want to watch how price reacts to it.
Trade active:
Order filled. However because of the strong reaction to the previous engulf i adjusted the Stop-Loss a bit higher as i can imagine price taking out the high of this engulf before going down.
Comment:
Seems like it was the right the decision to adjust the Stop-Loss (as i mentioned in the comment above)
Trade closed: stop reached
Comment:
In my second update to this idea: I mentioned that the originally breakdown with the lower swings was the enter signal.
Should have waited for another engulf with breakdown or lower swings under the resistance before entering.
Should have waited for another engulf with breakdown or lower swings under the resistance before entering.
