- Price hit a strong resistance level with multiple rejections, it was in an ascending triangle which is usually bullish but broke to the downside, there was also a cross over of the SMA's for a bearish indication.
- I set a sell limit as I wanted price to pass the previous low and trigger a sell, it went into drawdown but created a Lower High which is a good indication of a bearish market structure, Massive Doji rejection candle on 4hr just created too.
- Currently have a very ambitious TP of 420 pips at the top of a daily Descending triangle, SL above resistance and previous high.
- More of a longer-term trade, with a nice 1:3 RR, will be looking to see for price to create another Lower Low for bearish market confirmation.
- I set a sell limit as I wanted price to pass the previous low and trigger a sell, it went into drawdown but created a Lower High which is a good indication of a bearish market structure, Massive Doji rejection candle on 4hr just created too.
- Currently have a very ambitious TP of 420 pips at the top of a daily Descending triangle, SL above resistance and previous high.
- More of a longer-term trade, with a nice 1:3 RR, will be looking to see for price to create another Lower Low for bearish market confirmation.
Comment:
Running 40 pips deep, Stop Loss to Breakeven - Lower Highs & Lower Lows forming, swinging this to Take Profit
Trade active:
Running 100 pips, I personally put sl to original place as I realised it was swinging rather high and low