Upon completing the Bearish Shark pattern (see earlier related post) I took a short. Covered the short yesterday when the price broke above the resistance trend line.
However, I believe that the trend is still down and I have been looking to take a trade to continue the down move. The targets can be as low as 112.00. That is where the bullish Shark completes.
I am taking a small risk by taking a small position short at 113.48. Close to a 50% retracement of the drop from the top. Another alternative entry is to let the price break below the TL and enter short upon retracement back to the the TL.
However, I believe that the trend is still down and I have been looking to take a trade to continue the down move. The targets can be as low as 112.00. That is where the bullish Shark completes.
I am taking a small risk by taking a small position short at 113.48. Close to a 50% retracement of the drop from the top. Another alternative entry is to let the price break below the TL and enter short upon retracement back to the the TL.
Trade ist aktiv:
Price finally break below the support Trend Line. I am looking to add on to the short position
Trade ist aktiv:
Price moved according to expectations. Broke down the TL support and moved down in steps. 113.00 was a temporary support, now 112.60/50 seem like a support again.
I believe there should be another leg down to 112.00. Though my hope is that there will be one last leg down, I have also being prudent and moved my Stops to 113.18 (protecting some profits)
I believe there should be another leg down to 112.00. Though my hope is that there will be one last leg down, I have also being prudent and moved my Stops to 113.18 (protecting some profits)
Trade geschlossen: Ziel wurde erreicht:
An amazing ride. Congrats to those who managed to follow this trade.
Price played out exactly to what was planned.
Target Profit reached with +145pips
Now the Bullish Shark has completed, will start a new post as I look to take a long position. The move down has been very fast, I believe the pair has to consolidate for a while before it can even start to turn up.
Stay tuned. Cheers
Price played out exactly to what was planned.
Target Profit reached with +145pips
Now the Bullish Shark has completed, will start a new post as I look to take a long position. The move down has been very fast, I believe the pair has to consolidate for a while before it can even start to turn up.
Stay tuned. Cheers
