Sell Limited orders @ 1.1625, 1.1639, 1.1657
1W: Arrows are broad expectations, not specific. Extended consolidation period ended with break of resistance (now support) zone. Expect a retrace. The retrace has happened or is happening. If continue, the retrace could easily blow through support. Currently, not strong indication if retrace will continue or if there will be trend continuation. I expect more retrace, but that is not strongly supported.
1D: I entered the trade on Monday after the retest of the red box zone.
On 1D chart, can see up trend officially ended when EU broke through (now resistance) and the retest held.
With the reversal price action that occurred after entering the trade, I would like to see bearish price action prior to significantly adding to my short position. However, since I don't have time to consistently monitor price action, I have to rely on limit orders in this situation. I still have a short bias, expecting further declines before resuming up trend, but EU could easily test upper area of resistance zone risking triggering my SL.
I did add at 1.1640 and have open sell limited orders at 1.1657 & 1.1675.
My adjusted net entry is @1.16376. My initial entry ended up being early, but the bullish price action occurred after first entering the trade. I still have room to add to my position if EU price continues to climb higher.
Chart shows initial entry point and net entry after adding to position.