Also below a key Daily level (that may act as support and stop me out), but above a more major Daily level at 1.315.
The bounce above 1.32 has me nervous that we are about to see a reversal, but because of the room to the downside and the clearly momentum this is still a valid trade for me.
Target at 2:1, S/L to B/E at 1:1. This kind of setup typically has a 45% win ratio so a loss will not be surprising. Risk management is key with technical strategies like these.
Typically this pattern represents a loss of momentum. The sellers aren't that keen. But at this stage I'm just monitoring the trade for fun. I can't modify it.
So we'll see what happens. This was a fun trade. Should be a decent move one way or the other soon as we approach the European open
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