Background: - Multiple bearish price action occurred below the trendline resistance and horizontal resistance @ 1.668 - Subsequently several bearish reversal candle off 50MA resistance after 10/20MA crosses over
Entry: - Sell stop placed well below the recent consolidation @ 1.64 - Trade triggered on 3 Jan 2017
SL: - Placed above 50MA resistance @ 1.66
At this point of writing, this trade is up by 30pips.
Trade active
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Updates - 5 Jan 2017: - Yesterday price closed fairly bearishly which price started bullish but reversed downwards - Currently the price is hovering around my entry point but the next significant area would only be at previous swing low @ 1.6 region - I feel good about this pair will go further down.
Trade active
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Updates - 6 Jan 2017: - Price closed a bullish reversal candle after started off bearishly - Price seems to be stalling at this current location, probably taking a break from gapping down in the 1st trading day of 2017 - To hold on to this trade as the unfavorable bullish reversal candle is not formed at any significant support
Trade active
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Updates - 8 Jan 2017: - The last day of the trading week basically had the bear concluding the bearish tone of the week, with a bear marobozu. - To hold on to this trade as it is very likely that the price to test the previous swing low @ 1.6
Trade active
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Updates - 10 Jan 2017: - This trade is working well with yesterday candle closed a bearish marobozu after gapping down. - To increase PT chance and lock in profit I have moved my: 1.) PT from 1.60 to 1.6020 2.) SL from 1.666 to 1.626 (slightly above yesterday bearish marobozu high) - Lets hope for the best!!!!
Trade closed: target reached
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Updates - 11 Jan 2017: - Yes!! this trade ended with PT (1.602) reached on a 381pips gain. - Yesterday candle started bearish, briefly tested the near round number support of 1.60 area before reversing upwards and closed a bullish reversal candle. - Might consider bullish trade depending on the future daily price action at the 1.60 support area.