138.200 Is One Tough Resistance
Updated
I got in on sells earlier during the day at 138.000 but got stopped out so i waited for price to go back to 138.200 and a confirmation on H4 if price could break this level or not, it didn't.
I waited for an extra hour but price still didn't break resistance so it became clear to me that price had reached a peak in it's bullish momentum and the bears were taking control again, i got in on sells after a confirmation on the 15 minute time frame.
Due to the fact that lawmakers refused to grant the parliament time to prevent a no-deal Brexit, the pound lost strength hence the 50 pip drop. This conveniently happened on a major weekly resistance ( 138.200 ) so i'm thinking price might head down to 136.700 ( Based on a daily structure ) and if it breaks 136.000 ( Based on a weekly structure ) but there are levels to clear before getting a further push down mainly 137.500 , 137.000 then 136.700 and finally 136.000.
I'll be taking profit in small percentages on each TP level, i also set my SL to 3 pips above Break Even just in case another whipsaw happens.
I waited for an extra hour but price still didn't break resistance so it became clear to me that price had reached a peak in it's bullish momentum and the bears were taking control again, i got in on sells after a confirmation on the 15 minute time frame.
Due to the fact that lawmakers refused to grant the parliament time to prevent a no-deal Brexit, the pound lost strength hence the 50 pip drop. This conveniently happened on a major weekly resistance ( 138.200 ) so i'm thinking price might head down to 136.700 ( Based on a daily structure ) and if it breaks 136.000 ( Based on a weekly structure ) but there are levels to clear before getting a further push down mainly 137.500 , 137.000 then 136.700 and finally 136.000.
I'll be taking profit in small percentages on each TP level, i also set my SL to 3 pips above Break Even just in case another whipsaw happens.
Trade closed manually
Closed for +45 pips, i don't think i'll get the move that i want this week
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