Take Profit hit today for a nice 3:1 Reward to Risk ratio trade.
Two things about todays candle:
1. Latest 4HR candle is a tall candle. Tall candles are usually retraced by as much at 50% on average.
2. Price action is now far removed from the 20EMA. Normally when price moves too far from mean value (20EMA) price will retrace back to mean value.
For these reasons I am now looking for a pullback on the 4HR TF for new high quality Short trade setups.
Note: I see Major Support at 114.0000 so there should be several more short trade setups in the days and weeks ahead
"Have a trading question or a chart you would like for me to analyze Chat with me at "Forex Chat" chat room (not the "Forex" chat room)."
Two things about todays candle:
1. Latest 4HR candle is a tall candle. Tall candles are usually retraced by as much at 50% on average.
2. Price action is now far removed from the 20EMA. Normally when price moves too far from mean value (20EMA) price will retrace back to mean value.
For these reasons I am now looking for a pullback on the 4HR TF for new high quality Short trade setups.
Note: I see Major Support at 114.0000 so there should be several more short trade setups in the days and weeks ahead
"Have a trading question or a chart you would like for me to analyze Chat with me at "Forex Chat" chat room (not the "Forex" chat room)."
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.