I opened a reverse trade long to make small profit on the anticipated move up to cover my loss and it worked..., I have net profit now :-)
Upper channel line was rejected on first move up, but we'll have to see what happens on a likely second try.
I think we now have a chance to get a good position on a short trade at much better levels, I have sell limits around 0.9900 and 0.9930 and one sell stop around 0.9790, hope it works out...
Pattern is still valid!
- 1 short timeframe trade with SL @ 0.9855 and TP @ 0.9705 (bottom of up-channel we are in now + fib level a bit lower), partial TP @ 0.9730 since I have another fib level a bit lower.
- 1 longer timeframe trade with SL 0.9965 and TP 0.9555 (previous structure low), partial TP @ 0.9705 in case the channel holds and price reverses.
If 0.9705 is reached I will re-enter long or short after confirmation whether channel breaks or holds... Will followup on the 1H and 4H charts. Also watching the 100MA (and 200MA a bit lower) on the 4H chart, cuz price may bounce from that too.
Any comments on my trades are always appreciated.
Have you entered a trade?