So im going with a completely different technical analysis strategy on this one. I am testing out a improvised MACD strategy combined with the 200 EMA. MACD has given a sell signal and is above the zero line. Price is below the 200 EMA so this strategy says sell. The only way to know if your strategy works is too take every trade set up where your confirmations have all been met. This analysis also comes from the 30 minute time frame but the strategy is supposed to work on any time frame. Combining this strategy with support and resistance may improve win percentage but we will see how this trade plays out before I make any changes.
Trade closed: stop reached:
Stopped out! I didn't take into account higher time frames that gave a different signal. I am still extremely confident in this strategy. I will probably do a top down analysis(higher time frame to smaller time frame) with this strategy next and I am sure that will increase win percentage. Also, I wouldn't risk this many pips and TP wouldn't be this high.