So bigger picture, until we break the 133.000 Higher Low, we're still in an uptrend technically speaking.
You can see the support forming within the pennant formation, which con-fluently lines up perfectly with the 61.8% Fibonacci Level.
Anything between 134.800 and 136.400 is a no trade area for me.
Initially there doesn't seem to be a lot of downward target to aim for. However, there is a bigger swing low to high which has the 61.8% around 131.200 which would be a longer term target.
Good work,,,but the range is very big between Trading central sees more upward potential to 137,, but I had a loss today with long entry :(
RealistFX
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@sharktrader14, even though we've had the break of the pennant we didn't take the push upwards my friend! Got to wait for that retest and a good solid rejection entry!
Where did you have your stops? What was the reason for your entry?
sharktrader14
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@RealistFX, Hi thank you for your message, just checked my gmail, bought 136,58,,,got stopped out 136,447,,, SL to tight!
the pair was over the 20, 40 and 200 MA by 30 min....after I got stopped out,, the expected move to the upside came 3 hours later :(
RealistFX
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@sharktrader14 that’s really unlucky mate! That’s why we use 4hr and daily!
sharktrader14
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@RealistFX, yes it was...so your entry, stop, and TP are all based on 4 h and daily.??..so you have split positions or lower
Lotsize to 1,, because SL far away then!
RealistFX
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@sharktrader14 exactly mate. My lot size is always represented by the risk. So I risk 2% of my account per trade. I calculate this using the STINU app and that tells me my lot size :)