Looking for confirmation at one of the fib zones, first one up is the blue circle.
If confirmed targets are S/R (red line), 50% of CD and/or the 'up' trendline...
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No go on the 1.27..., 1.41 now so possible to start phasing in a hort from here, I think it could go a bit higher still, RSI is highly overbought but stochastics is rising again, I think it will go to overbought region once more and then I would like it even better..., so I will concentrate on the 1.618, this is also around the round number 20...
By starting small it is possible to build up a short position from here, short the next level and possibly even the 2.0 ext. at the next possible larger resistance level.
Trade active
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Interesting PA on this TF..., 1st short here..., small position, really bullish on higher TF's so be careful...
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If it goes up again I might add one at 21.50 with SL at 22.50 for all... (combined entry 21.00), first target 18.50, possible 2nd target to be defined depending on PA, SL to BE asap... Counter-trend so not risking more than 0.5%...
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Current situation:
So far so good, close to the lower BB now on the 1H, I'm trailing SL above the high and cancelling the extra sell order for now, will decide if I will add later.
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We did get candle and BB support on the 1H..., but will it continue further up or will it fail again... Next 4H candle will be an important one for me...:
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SL to BE, still llooking OK, let's see if it fails again and goes on down...
Comments
Diamond9696
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who believe you would cut loss now
KVE
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I don't understand what you are saying...
pmcllc
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so far so good
KVE
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It went over, I hope it goes up a little more now, 1.618 looks like a nice level to have a retrcement... ;-)
DownUnder
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did we break 19.35 ? or not yet ? I am wondering what is the current target.?
KVE
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We broke above it, but the day isn't over yet so we'll see if it closes above or not. I'm going to concentrate on the next level as per my update.
If we get there we should have at least some retracement, if it goes even further than I will try to get an other entry at the 2.0 ext. also, we'll see.
To have more confidence you can wait for confirmation or if you start small you can build up a position while we go further up to average out the entries. I prefer this strategy more lately, it's less stressfull that way and you can keep the SL wide or even open in some cases.