Placed a buy stop order as the price was clearly coming from an impulsive leg and was correcting as per the daily TF.
Now it has formed a bull flag and has broken the pattern and formed the 1st correction.
There is higher probability for it to continue to go long as it has come from an impulsive leg and correcting now... Hence higher chance for another impulsive move as part of pattern completion (impulse-correction-impulse)
Hence looking to enter the trade to go LONG.
Now it has formed a bull flag and has broken the pattern and formed the 1st correction.
There is higher probability for it to continue to go long as it has come from an impulsive leg and correcting now... Hence higher chance for another impulsive move as part of pattern completion (impulse-correction-impulse)
Hence looking to enter the trade to go LONG.
Trade active:
Got triggered in the trade.
Price moving as forecasted.
Moved to breakeven since it crossed 1% from my entry.
Whats interesting is that as the price is currently at the double top area, it is kind of corrective in nature. Hence there is always a chance for it to retrace to form a deeper pattern.
This is going to be interest, so what i would best do is lock in some profits and keep some room for the market to breath.
If it tags me out, i am happy with the percentage I made.
Instead if it continues to go higher will look for scale in opportunities.
Price moving as forecasted.
Moved to breakeven since it crossed 1% from my entry.
Whats interesting is that as the price is currently at the double top area, it is kind of corrective in nature. Hence there is always a chance for it to retrace to form a deeper pattern.
This is going to be interest, so what i would best do is lock in some profits and keep some room for the market to breath.
If it tags me out, i am happy with the percentage I made.
Instead if it continues to go higher will look for scale in opportunities.
Trade closed manually:
Trade manually closed with +0.84% (18pips).
As the market is suggesting its getting ready for sell soon keeping in mind with the HTF structure.
As the market is suggesting its getting ready for sell soon keeping in mind with the HTF structure.
Hence there can be chances of me being tagged out before the price commits to itself.
Incase i get tagged out i will still look to re-enter the market with a reduced risk entry approach (ie. on the break of the pattern).
With my bias still being LONG.