Low-moderate conviction trade. I entered this trade Monday with a very small position (@ 1.15873). Added to position once since initial sell. While my bias for the trade direction is low to moderate, I believe this is a well managed trade with discipline money management. The small opening position provides flexibility to adjust the trade as it develops.
Sell Limited orders @ 1.1625, 1.1639, 1.1657
1W:
Arrows are broad expectations, not specific. Extended consolidation period ended with break of resistance (now support) zone. Expect a retrace. The retrace has happened or is happening. If continue, the retrace could easily blow through support. Currently, not strong indication if retrace will continue or if there will be trend continuation. I expect more retrace, but that is not strongly supported.
1D:
I entered the trade on Monday after the retest of the red box support/resistance zone.
On 1D chart, can see up trend officially ended when EU broke through support zone (now resistance) and the retest held.
4H:
1H:
Sell Limited orders @ 1.1625, 1.1639, 1.1657
1W:
Arrows are broad expectations, not specific. Extended consolidation period ended with break of resistance (now support) zone. Expect a retrace. The retrace has happened or is happening. If continue, the retrace could easily blow through support. Currently, not strong indication if retrace will continue or if there will be trend continuation. I expect more retrace, but that is not strongly supported.
1D:
I entered the trade on Monday after the retest of the red box support/resistance zone.
On 1D chart, can see up trend officially ended when EU broke through support zone (now resistance) and the retest held.
4H:
1H:
Trade active
With the reversal price action that occurred after entering the trade, I would like to see bearish price action prior to significantly adding to my short position. However, since I don't have time to consistently monitor price action, I have to rely on limit orders in this situation. I still have a short bias, expecting further declines before resuming up trend, but EU could easily test upper area of resistance zone risking triggering my SL.
I did add at 1.1640 and have open sell limited orders at 1.1657 & 1.1675.
Trade active
My adjusted net entry is @1.16376. My initial entry ended up being early, but the bullish price action occurred after first entering the trade. I still have room to add to my position if EU price continues to climb higher.
Trade active
Chart shows initial entry point and net entry after adding to position.
Trade closed: stop reached
SL triggered. Net loss.
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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.