GU Heading to 1.26000
Updated
Price pushed up to re-test 1.27200 then held resistance.
I finally got a clean confirmation that price was dropping when i saw two bearish H4s and a breakout from 1.26800.
I waited for a re-test for the broken support and took my sells once the re-test was confirmed by a flip in direction ( from bullish to bearish on the lower time frames ) .
The next Logical support was in the H1 time frame from a re-test rejection @ 1.26400 so i set this level as my first TP.
I think price can go a lot lower than my targeted TP level, 1.26000 is the ultimate TP level.
If i see any signs of a stall, i will exit on my TP1 because it's a Friday and i don't expect prices to keep on falling today maybe we will see a continuation of momentum next week.
I don't usually hold my positions over the weekend because anything can happen but if i decide to hold a lot longer then i'll set my position to Break even at 2% of my total profits.
I finally got a clean confirmation that price was dropping when i saw two bearish H4s and a breakout from 1.26800.
I waited for a re-test for the broken support and took my sells once the re-test was confirmed by a flip in direction ( from bullish to bearish on the lower time frames ) .
The next Logical support was in the H1 time frame from a re-test rejection @ 1.26400 so i set this level as my first TP.
I think price can go a lot lower than my targeted TP level, 1.26000 is the ultimate TP level.
If i see any signs of a stall, i will exit on my TP1 because it's a Friday and i don't expect prices to keep on falling today maybe we will see a continuation of momentum next week.
I don't usually hold my positions over the weekend because anything can happen but if i decide to hold a lot longer then i'll set my position to Break even at 2% of my total profits.
Trade closed manually
I closed my trade for a 2.3% profit, I thought that it would go lower at least to tp1 by today but that doesn't seem to be the case so I took a small portion of the move. I'm done for the week. With the US-Iran wars, any pair with USD will be unstable until the issue is resolved. Factoring in the fact that GBP is also unstable due to Brexit, i'm dealing with an indecisive currency pair.
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