- Multiple price action occurred below the resistance and horizontal resistance @ 1.668
- Subsequently several reversal candle off 50MA resistance after 10/20MA crosses over
- Sell stop placed well below the recent consolidation @ 1.64
- Trade triggered on 3 Jan 2017
- Placed above 50MA resistance @ 1.66
At this point of writing, this trade is up by 30pips.
- Yesterday price closed fairly bearishly which price started bullish but reversed downwards
- Currently the price is hovering around my entry point but the next significant area would only be at previous swing low @ 1.6 region
- I feel good about this pair will go further down.
- Price closed a bullish reversal candle after started off bearishly
- Price seems to be stalling at this current location, probably taking a break from gapping down in the 1st trading day of 2017
- To hold on to this trade as the unfavorable bullish reversal candle is not formed at any significant support
- The last day of the trading week basically had the bear concluding the bearish tone of the week, with a bear marobozu.
- To hold on to this trade as it is very likely that the price to test the previous swing low @ 1.6
- This trade is working well with yesterday candle closed a bearish marobozu after gapping down.
- To increase PT chance and lock in profit I have moved my:
1.) PT from 1.60 to 1.6020
2.) SL from 1.666 to 1.626 (slightly above yesterday bearish marobozu high)
- Lets hope for the best!!!!
- Yes!! this trade ended with PT (1.602) reached on a 381pips gain.
- Yesterday candle started bearish, briefly tested the near round number support of 1.60 area before reversing upwards and closed a bullish reversal candle.
- Might consider bullish trade depending on the future daily price action at the 1.60 support area.