Price was going in uptrend but on 1 hr timeframe once price didnt make another high i drew a fib.
1. price retested 1 hour resistance. Price had been making lower lows.
2. fib on 1 hour went to 61.8 and hit the resistance level.
3. Once at 1 hr resistance level it had bearish engulfing candle.
Took sell down to nearest support at 163.22
Im late posting but, my bias was a downtrend. It did not make another higher high. I took trade where support had become resistance. At the time I took this trade, the three blue candles had formed. Im still believing it won [t hit my stop loss and hit a resistance and continue to downtrend.
Analysis was on Point!!!! See ya tomorrow. I though I took trade too early once I spotted the consolidation on the 15 min TF. But Heyyyyy!!!!! Price broke out and CONTINUED BEARISH!!!!!
I reentered for another trade. We are on trade #4. The 1 hr TF shows that it hit the area marked under Trade #4. I looked at 15 minute time frame thinking it didn't break through resistance. Instead it formed it. I took trade. THen looked at 15 minute tf again to see that area of resistance ended up being in consolidation. I was already in the trade and...
Price brook and retested area shown on 3rd trade aea. But not sure what's going with my position tool. I placed the exact coordinates to find out my tp was soooooo far off. But then, why did my trade close by itself, leaving me in profit. You reckon, mt4 realized my mistake. smh
Please refer to the notes on my chart. Thanks
My first trade failed because my stop loss was too tight.
I just took another sell on eurusd as price broke below a s/r and retested and continued for the sell.
