Still expecting some sort of turn in the market, not quite a full on revers it doesn't seem, but at least a turn to retrace.
Looking at the price action with a different perspective, I see an overall downward channel still happening, and expecting to continue until it breaks out...
Currently looking at a trade entry assuming price will pull back and try to reach back to the top of the channel, small 2.75 r trade.
Buy limit at 1.071, stop 1.069, target 1.0765
20 pips risk, using a double entry and closing half of the position at 1r, and move stop to breakeven while price continues will be the plan for this trade.
Strategy spin off of a Bollinger band pull back but using that theory in the channel context. This is supported by an upward curve in the bottoms of the candles recently, and waiting for price to come back to the bottom of the consolidation before moving back up.
If trade is stopped by a large sweep style candle, this could be a breakout long signal, but will trade with the pattern in play until it changes.
Looking at the price action with a different perspective, I see an overall downward channel still happening, and expecting to continue until it breaks out...
Currently looking at a trade entry assuming price will pull back and try to reach back to the top of the channel, small 2.75 r trade.
Buy limit at 1.071, stop 1.069, target 1.0765
20 pips risk, using a double entry and closing half of the position at 1r, and move stop to breakeven while price continues will be the plan for this trade.
Strategy spin off of a Bollinger band pull back but using that theory in the channel context. This is supported by an upward curve in the bottoms of the candles recently, and waiting for price to come back to the bottom of the consolidation before moving back up.
If trade is stopped by a large sweep style candle, this could be a breakout long signal, but will trade with the pattern in play until it changes.
Comment:
Price is near target with no entry, should the NY open push to the upper line first, I'll flip to short, but there's still a probably for a liquidity spike into the entry, so holding the limit orders still until that point is reached
Trade active:
Orders filled
Comment:
Target 1 hit, stop to breakeven and hold to end of day
Trade closed manually:
Closing the last of it, first half +20 pips, second half +18.2, not expecting much movement for the last hour of the week, start fresh Monday.
