Long Counter-trend trade

Our divergence pattern occurred again!

Big support area for the EURCHF

Note

Major Support level

Note

Our second confirmation set up didn't really happened the way we wanted... MACD histogram didn't create a smooth curve but we had our RSI divergence

Also the price consolidate with our divergence set up at the same time and level with the 1.618 extension of the last wave

All those are standard factors-rules that are part of a standard procedure

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Lastly we confirm our entry in the 5 min time frame with one of our divergence set ups (of the 5min)

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We took the trade a little bit later :) but still a good entry point with a tight stop loss this time (22 pips)This consolidation area can create a very strong breakdown...!

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-Something that for some reason i forgot to mention...! There was a fib 1.27 and 1.681 confluence of the 2 waves that created an area of potential support inside the major support area
-Also we sell in the small green area half of the position and we are still in the trade with the stop loss 7 pips above the entry level

Note

DOUBLE TOP with previous structure resistance level and a bearish divergence... This could be the end of this small trend
Protective stops at 1.0736

jaktrader

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jaktrader