Long position was kicked in as market pulled back towards ascending channel support. This also corresponds with a strong supply/demand level.
Market also testing EMA (120) where price reacted above before. This can also be seen on RSI (34). I have pointed it out using the purple arrows. RSI (34) also coming to test ascending trendline support.
Trade active
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Market moved in the expected direction. However, indicators now look abit weaker..
Moved my SL to 111.315 cover swap costs and commissions.
Trade is now risk-free.
I stress again. Risk management is and has always been of utmost importance.
Trade closed: stop reached
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Market reversed and took out my trailing stop. Risk free trade.