Expecting a pullback to the EMA12 on the daily. Should be a fairly short trade. Reason for the trade is the formation of a pattern I have found very reliable over the last two months, that occurs on dumps. Two triangles, one finishing with a lower low and the next with a higher low than the last. It is accompanied by bullish divergence on the RSI. I am expecting a short term reversal of this bearish trend.
Stop loss below 9700 as a move below 9700 would invalidate the pattern.
Open - 9930
TP1 - 10622
Stoploss - 9693
Stop loss below 9700 as a move below 9700 would invalidate the pattern.
Open - 9930
TP1 - 10622
Stoploss - 9693
Trade closed: stop reached
Comment:
Well looks like we got stop hunted. Will have to be more generous with stops in future
Extended SL to 9617. new RR 2.53