The price has been riding within our 4hr trend line and it also hit our 4hr OB. After the price hit our supply it went all the way up and hit our OB. We are assuming that from this movement price will come down. Our goal is to get in on this trade at the 618 which also has a OB in my opinion and is also another good indicator. Our goalie to gain 33 pips and from there we will take partials and move SL to BE and see if it hits our TP1 and TP2.
Trade closed: stop reached:
Trade has hit SL. We believe that the M formation we based our fib off of was not a valid M. Reason being is because there was too much contraction happening off to the left side of the M in question. The goal of PROJECTD is to take all loses and gains and try to learn something from each situation.