EU .618 retracement

FX:EURUSD   Euro Fx/U.S. Dollar
92 2 2
Eu recently retraced to t he .618. I missed that trade but I still want to catch pips on the down move. Im shorting from the bottom side of the .236 retracement. 1st tp set at previous support, and second tp set near the 1.27.2 extension. If market goes above .618 trade is no good anymore.
Trade active: I shorted the pair at .618 retracement 1.10112
Comment: Sorry I meant that I shorted from the 0.50 retracement on a smaller time frame.
Comment: Market consolidating near entry
Comment: Currently testing .382 retracement. Added 1 position here.
Comment: If the 382 doesn't hold then its long to the 0.50 or 618, hopefully we see a rollover from here though.
Comment: Very Risky Trade. Not looking good.
Comment: Turning into a lesson on waiting for last possible entry.
Trade closed: stop reached: This stacked trade, wiped out the majority of my profit from the day. :(
Comment: Don't stack positions.
Comment: Please add a comment.. Positive feedback and constructive criticism are important to authors ant the community.
Comment: Although I was stopped out this trade had potential. I placed my stops improperly as well.
Only in hindsight can you look at your original chart above and say... "WTH? Why didn't I follow the BUY LOW and SELL HIGH?"

If you are going to set up entries near S/R levels... make sure you close a candle or two below that line.
+1 Reply
MikePips Bonavest
Thats very true. It looks like I sold when I should have bought. If I was looking to buy at 1.10247 at the top of that engulfing candle @ 11:45 on 7/22. And then got stopped out. Lol. I still have a lot to work on. Thanks for the comment, anything helps.
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