After previous downtrend, the pair has broken 2 resistance points and is putting in bullish candles. On the 60 minute chart, price broke through horizontal resistance line, pulled back underneath and rallied back up forming a bullish engulfing. Stochastic indicator is also heading upwards so I believe the pair will head higher.
Trade closed: stop reached:
Unfortunately my stop loss was triggered. Price however has not closed below a significant point and I believe that the market is in consolidation before it makes the move upwards. My stop loss, at the moment, seems like it was too tight. I will continue to monitor this trade to see the outcome.
Comment:
Stop was loss was too tight, should have been placed lower but price was swinging. Price went onto to hit target.