Disclaimer: This is for me to learn a new strategy. Any feedback is appreciated. This practice for me as an assignment and not financial advice for anyone. I may be completely wrong.
Now, as I look at my daily chart. I see a within an upward channel, bullish pressure that is climbing to 0.67753. When looking at the channel, I am noticing small breakouts. I looked to higher timeframes weekly and monthly for confluence. In this pair I was stopped out last week, but I was triggered at the right place (0.65393). This broke my short bias for now. I am thinking the market may show me a slow climb then exhaustion at supply around the 0.67753, with my entry at 0.65800.
Now, as I look at my daily chart. I see a within an upward channel, bullish pressure that is climbing to 0.67753. When looking at the channel, I am noticing small breakouts. I looked to higher timeframes weekly and monthly for confluence. In this pair I was stopped out last week, but I was triggered at the right place (0.65393). This broke my short bias for now. I am thinking the market may show me a slow climb then exhaustion at supply around the 0.67753, with my entry at 0.65800.
Trade active:
Price did continue to the upside. My entry at 0.65800 was triggered. Price hit a supply zone at 0.6634, I did not see in my original thesis. If price can breakthrough, I may have a chance to hit the target at 0.6577. to be cautious, I set a trailing stop at -20 pips. We shall see what the market does. Right now, I am glad I was able to see price action more clearly. Nothing more.
Trade closed: stop reached:
Hey everyone, As stated above, I put in a trailing stop (TS) at -20 pips. Price did continue its bullish momentum. I got stopped out at 0.66375 or about 57.4 pips. Not bad! I am trying to be as simple as possible in my trading. I will continue learning this strategy and using my trading view profile as a learning tool for myself.