Bailed out minutes before NFP with small loss... I saw price retracting which is often a sign that a move up is anticipated.
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!
KVE
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Tnx for the chart. I have entered 2 trades on this pattern (other bearish patterns on lower timeframes confirm it), I hope it goes well...
My trades:
- 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?
youss82
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Good to see that we share the same perspective . Usually i enter on smaller time frame (1H 4H)
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!