It was wise decision to avoid selling eurusd on the earlier idea as I cancelled the setup. The price almost reached the earlier top and reversed down there. Entry - current Stop - 1.1755 (above earlier top) Take profit - 1.1310 (ahead of earlier bottom).
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EURUSD is in the pullback to retest the broken support. After the breakdown of 1.1650 (previous low) we will move our stop lower above the current pullback.
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Microview on 15 minutes wave C already reached 61.8% of A on this lower time frame we need to break below 1.1686 to terminate this corrective structure
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system shows improper time of update as I set GMT+6 time zone in my charts the correction could be over as price broke below above mentioned 1.1686 trigger. next is 1.1652 to let the swing traders get convinced that the market emerges to the downside. 1.1718-20 area now is the first invalidation alert
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Move stop from 1.1755 down to 1.1736
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Move stop from 1.1736 down to 1.1721 as 1.1652 was triggered. Risk/Reward ratio now grew from 4.86 up to 8.79
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Trade closed manually
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Small profit booked as structure developed not as planned. It looks like a sideways correction therefore should wait and see for further opportunities.
Thanks. You think it will make all the way down there? Do you usually set only one TP level on your trades ?
aibek
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@spezimuc, Hi, yes, the idea is that we will retest the earlier low and that’s why only one take profit level, although it can go below it and that is just a tp1 as this is a minimum target. Often I show the area for take profit based on Fibonacci projections then there are at least 3 tp levels.