I have also taken a Long position with entry @ 147.219 and a tight stop loss.
We are +130pips on the initial entry and +80pips on the second entry. You can see from this screenshot that price is currently being compressed into a wedge between the EMA50 (Orange) and the EMA200 (Blue) on the 1-hour timeframe. I'm expecting a break to the downside and this could provide us the momentum we need for a big leg down towards our target.
We haven't broken to the downside but in fact, price made a strong bullish move to the upside. We can see from the 4-hour chart above, we have a clear declining trendline that has acted as a trendline resistance, pushing price down each time we touched it. However, price has retested that trendline support and has breached it. At this stage, it is unclear whether price will close above this level or be pushed back down by sellers.
I have closed part of my position. If we continue to the upside, we may retest the rising trendline near our entry point, in which case I will consider adding to my short position.
There is never any guarantee in the markets and this can still quite easily pull right back and liquidate our position. It is currently a 1:1 P/L so if you're not comfortable in holding your position, you can exit from here.
Well done to everyone who took this trade with me.