Always good to be ahead of the market to spot potential opportunities and be ready to jump in if rules of entry are met (instead of reacting in "panic" because of a lack of preparation).
First is this potentially forming Double top on the H1. This pair has been consolidating since the Brexit vote results release, and price is now back at previous resistance on the daily and is forming a potential double top on the H1.
RSI is massively oversold on the first test and price is retracing at the moment. What I will be looking for :
- retest of 1,3365-1,3355 area
- RSI Divergence
- Pinbar/doji or LLLC candle on the retest to enter
Pattern will invalid if price close above 1,3365 (high of first test)
First is this potentially forming Double top on the H1. This pair has been consolidating since the Brexit vote results release, and price is now back at previous resistance on the daily and is forming a potential double top on the H1.
RSI is massively oversold on the first test and price is retracing at the moment. What I will be looking for :
- retest of 1,3365-1,3355 area
- RSI Divergence
- Pinbar/doji or LLLC candle on the retest to enter
Pattern will invalid if price close above 1,3365 (high of first test)
Trade active:
Got back from the gym and saw that price had given me a nice pinbar candle on the retest + RSI divergence.
Entered at market with a little better entry price than pinbar candle close. Now let's wait and see how this goes !
Entered at market with a little better entry price than pinbar candle close. Now let's wait and see how this goes !
Trade closed manually:
Got in the trade a bit too fast : when drawing Fib to set targets, I noticed that price had hit the 38.2 Fib retracement before the retest, making the pattern invalidas per my rules --> directly closed the trade manually
Got to stick to the plan and rules !
Got to stick to the plan and rules !
