The goal of my trading is to never become one-sided, but understand what justifies one trade idea and disproves another. If we have aggressive closure below this level I believe we could fill in some open range. We've reached the 62% extension on the 4H, I see the potential for either direction look to understand 4H candle closures and it will open your eyes to price action formation and the importance of candle sticks, they tell all. However, remember high impact news comes out 8:15 am.
I am currently favoring longs due to the extreme move from FOMC, but I am open to the marketplace
I am currently favoring longs due to the extreme move from FOMC, but I am open to the marketplace
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Price needs to close convincingly below this level and retest. Always, always, always use entry confirmation don't just get in.
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Remember that news comes out at 8:15, likely price will be range bound and will not offer an opportunity. This is ok
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No Trade, Yet
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If you look at the EURGBP we have rejected off a significant level. The Euro is trading as weakness.
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Currently waiting for more price action, personally, I would like it to retest again and then break lower. This may not happen, and I may be given no opportunity to trade. But this is what I want
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No trade, need 5 min bearish engulfing for confirmation, there is always possibility price supports this weekly level on the 4H and we rally
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I entered off the formation of the last bearish 5min hammer
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The US Dollar is ranging, keep in mind we have expanded massively the day prior. This is not exactly high probability, I'm in with reduced risk
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In profit SL at BE
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I'll post the entry and link it. Then in depth analysis of HTF later on. Cheers
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First TP hit 3:1 at 1.0950 level
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Second TP hit 5:1 at 1.0933 level
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The small remainder of the position has been closed, we traded into a 38.2% retracement, my overall target. This is a great counter-trend trade, no reason to push it
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After this, I cannot justify the Euro going any lower. Why would I remain in the position?
Ask yourself these questions, I came and took from the market what I needed and left. This is high-probability trading
Ask yourself these questions, I came and took from the market what I needed and left. This is high-probability trading
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See the attached link below to see some more in-depth trade recap
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Lol may have missed out on a mega trade. But fuck it we ball, going to the gym, have a great day yall!
