Been busy with work.... manage to rush out this trade and journaled it...
Background: - Bullish reversal candle formed off resistance turned support area and 50MA support @ 51.4 - Price have been in consolidation between 51 and 55 after the up trend - So this is a consolidation trade, buying at consolidation low and selling at consolidation high
Entry: - Buy stop set 20 Pips above candle high @ 52.75
SL: - set at 50% of the candle @ 51.9 (slightly below 51 round number)
PT: - set before 55.0 round number at 54.8
Note: - Might not be a "A" setup as there is only one bullish signal candle
Trade active
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Updates - 10 Feb 2017: - Set up triggered with yesterday bullish candle - It seems like the support mentioned is working. - Will hold on to this trade to pay attention to any bearish action upon reaching the consolidation resistance
Trade active
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Updates - 11 Feb 2017: - Yesterday price closed a bullish candle. It is now reaching a significant level of 54 which we see multiple price rejection since early dec 2016. - I do think that i will need to adjust my PT from 54.8 to 54 to remove unnecessary risk
Trade active
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Updates - 18 Feb 2017: - The week started bearishly and managed to reversed upwards near the top part of the rectangular consolidation. - Will hold on to this trade, aiming PT of 54.