- Symmetrical triangle break and re test of a key level at 1.245 - Rejecting back side of a long term downward sloping trend line - Weekly and daily deceleration - Low test rejecting key level - Double bottom - 4HR Bullish MACD - Dynamic support of the daily 50 EMA - Trading with the trend - Stop safely behind the key level and the 50 and 60 EMA and previous swing low’s
Con’s
- No clear daily reversal candle shape
Trade Plan / Management
- Using a hybrid strategy with two 0.5% positions - Targeting 2.920 with position 1 - Once target 1 is hit position 2 gets moved to break even - Trailing position 2 with smart stop placement utilizing swing lows, s/r levels, trend lines, dynamic support of EMA's. Trading with the longer term trend
评论
sreddick
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Closed position at 2.7 for 2% profit due bearish confluence of a double top with a rising wedge and bearish MACD and a weekly rejection the 50 EMA.
climberEd
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I would wait for an indication of reversal of the current correction before entering the trade though - perhaps a break of the downward sloping resistance on the one hour chart.