Interesting movements today.
Price dropped from my entry of 33650 to about 32250
Did not reach my target of 33200 for a 1:4 risk to reward but I was trailing my stop along the way so I secured profits at 33400 when price started to retrace.
Had it not been for trailing my stop I would have gotten stopped out as after price entered that zone in the 33200s it pushed all the way back up to 33900+
The name of the game on this one was proper trade management without a doubt.
Closing out the week and the month tomorrow I still believe the overall bearish bias is still intact.
I am looking for price to push back up to about 34200 which is a previous level of structure and see if it begins to exhibit any signs of exhaustion or countertrend reversal.
If so I will be looking to get in around this 34200 weekly support and resistance level and continue riding the bearish momentum down to my previous target of 33200.
If price breaks above this level it may indicate the beginning of a reversal in the overall bias and possibly consider a short term buy position but that will all depend on the price action over the next few hours in Asian and early London sessions.
See you all pre NY session tomorrow.
Have a good night!
Price dropped from my entry of 33650 to about 32250
Did not reach my target of 33200 for a 1:4 risk to reward but I was trailing my stop along the way so I secured profits at 33400 when price started to retrace.
Had it not been for trailing my stop I would have gotten stopped out as after price entered that zone in the 33200s it pushed all the way back up to 33900+
The name of the game on this one was proper trade management without a doubt.
Closing out the week and the month tomorrow I still believe the overall bearish bias is still intact.
I am looking for price to push back up to about 34200 which is a previous level of structure and see if it begins to exhibit any signs of exhaustion or countertrend reversal.
If so I will be looking to get in around this 34200 weekly support and resistance level and continue riding the bearish momentum down to my previous target of 33200.
If price breaks above this level it may indicate the beginning of a reversal in the overall bias and possibly consider a short term buy position but that will all depend on the price action over the next few hours in Asian and early London sessions.
See you all pre NY session tomorrow.
Have a good night!