An upward trend with a harmonic (black dotted line) move. IF AND ONLY IF an engulfing bullish candle 4hr chart close (in next 1.5 hours), buy and go long.
Stop Loss: 35 Pips Take Profit: 60 Pips
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Looks like we finally got a close above the consolidation @ 15 min chart! Am now in long!
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Trade closed manually
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The reaction at the previous swing high leads me to believe this could be a double top and I've closed my long position in some profit .rolled my stops up once it got to previous swing high (current double top).
I am now short:
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I thought I saw a double top and manually closed out my position and went short. This idea ultimately was successful as the double top never held true.
Looks like my original idea worked out. It wasn't a double top and had I stayed in the trade all the way through would have been a success. Market tricked me =***(
alexander-ezebuiro
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nice read. Looks like it the idea worked as there was reasonable upside after you got in. Where did you set your targets?
glitchTA
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@alexander-ezebuiro, I wanted to get two positions, one at the previous swing high in case we ran into a double top situation and the other a continuation of the harmonic movement. I had only 1 position and when I saw the reaction at the double top - I closed my position for half the profit had I closed it at the double top itself. Still a profit, but would have been better had I had two positions and taken profit at double top and rolled my stop to break even on the second position. I believe we have a double top now and that the price may reverse down.
glitchTA
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@mooselaz, correction: i wanted to get two positions to take profit at previous swing high (the current double-top) and the second take profit at the conclusion of the harmonic movement*
alexander-ezebuiro
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@mooselaz, ok i get you. I didnt see the current rally coming price looks likes its heading for .70619 area. I dont think this sudden rise is sustainable looking for a selling oppourtunity.