This was quite a simple set up though admittedly, the risk reward wasn't great. However, when presented with an opportunity, I will grab it.
Here i saw market reacting above ascending trendline and also holding above EMA34. MACD was also in a bullish environment. Market was also testing a very key long term trend level at 1.135.
I set my entry at 1.13525 and waited for the 2nd pullback and retest of the trendline. Pullback happened exactly as expected and knocked my position in.
1.14 price target is actually based on fibo retracement at the 61.8% of the previous downswing.
Market hit target exactly and closed this position with a profit of 47 pips. With this much confluences, wouldn't you take the trade too?
Here i saw market reacting above ascending trendline and also holding above EMA34. MACD was also in a bullish environment. Market was also testing a very key long term trend level at 1.135.
I set my entry at 1.13525 and waited for the 2nd pullback and retest of the trendline. Pullback happened exactly as expected and knocked my position in.
1.14 price target is actually based on fibo retracement at the 61.8% of the previous downswing.
Market hit target exactly and closed this position with a profit of 47 pips. With this much confluences, wouldn't you take the trade too?
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.