Price had a nice bearish push down to ~1.24391 levels before finding support
Price bounced up off these levels up to ~1.25515 levels and found possible resistance as price hit this ceiling and push back down.
8/2-/8/3 on the Daily price is back at ~1.25515 resistance levels it may continue trending up but I'm thinking USD continues its bearish trend ("the trend is your friend" no?)
8/3 Daily Candle closed with a "spinning top" formation ( still trying learn and implement candlestick patterns into my strategy and trading) indicating possible indecision at this minor resistance level
8/3 12hr Candles closed within the resistance levels I established in my analysis short setup was looking good to me
Trade entry order
I placed an entry order with a tight stop just above the high wicks of the previous candles
entry price : 1.25786
stop-loss: 1.26222
limit order: 1.2488 (50% of position)
Risk/Reward ratio : 2.15
limit order 2: 1.24391 (after first limit order is hit)
Trade closed: stop reached
Stopped out.Probably an impatient position, Looking into how to confirm my resistance levels better to take better positions
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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.