There was a long term uptrend for EURUSD which started last November 7, 2017. Recently, there was a double top with the left top last February 1 and the right top last February 16. The neckline was broken today, February 28, with the a candle close of 1.21933. Also, there was a break of the diagonal support last February 21, with the candle close of 1.22826. As such, I am looking for a short opportunity by placing an aggressive sell limit at 1.24015 (61.8 Fibonacci retracement of the right top to the recent swing low). The stop loss is placed at 1.25608 (just above the right top) while the take profit level is at the recent swing low (1.21545). I plan to cancel this pending order if price goes to TP1 before the pending order gets triggered.
Trade Setup: Trend Reversal
Price Entry 1.24015
SL 1.25608 | SL pips 159.3
TP1 1.21545 | TP1 pips 247.0
RRR1 1.55
Status/Remarks: TP1 hit! :)
Trade Setup: Trend Reversal
Price Entry 1.24015
SL 1.25608 | SL pips 159.3
TP1 1.21545 | TP1 pips 247.0
RRR1 1.55
Status/Remarks: TP1 hit! :)