Today's trade ,a long entry was taken ,what I anticipate as area of support form the weekly chart a upward sloping trend line as seen in the chart below .
My entry signal was a candle pattern know as a Bullish morning star seen off weekly support with a stop sitting at the pivot low of the 8h00 candle ,my strategic plan for this trade is to to set up early in an anticipation of a trend line break higher to level 1.3350 hopefully the euro gains some ground on the greenback
The euro did take bite of my line .it was a close call ,one of the big mistakes in my eyes that I made is that I had a open position whilst news was coming out ,I personally like to exit all trade position before news is released ,but however it worked in my favor ,currently the Euro is coming up against resistance at the 1.3341 level,my plan of action is to manage my position looking for any clues of a possible continuation move down. This trade is a very slow trade since I am trading against the current trend .I am in profit but I have moved my stop to break even ,though I have not banked any profit yet , I would rather have a no profit trade than sitting, battling it out in a sub optimal trade setup
ReplyDeleteMy 1.3350 level has been reached I have banked half my position now lets wait it out to see what the euro does ,at least I have made some money today,which makes me a happy Trader
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