What I see :
- Currently in a downtrend after bouncing off R1
- RSI is about to pass below 50
What I expect :
- Price will keep going down until it bounces off my support area around the .786 retracement level of XA then shoot back up
What I'll do :
- I will wait for the price to cross the .500 retracement level and go short with a stop loss just above the .382 retracement and watch for the bounce at "D"
- Once the price bounce at D, go long with stop loss just below the .786 retracement and ride the uptrend until the .382 retracement at which point I'll decide either to close my position or depending on the price action, only close half of it and see where that leads me.
- Currently in a downtrend after bouncing off R1
- RSI is about to pass below 50
What I expect :
- Price will keep going down until it bounces off my support area around the .786 retracement level of XA then shoot back up
What I'll do :
- I will wait for the price to cross the .500 retracement level and go short with a stop loss just above the .382 retracement and watch for the bounce at "D"
- Once the price bounce at D, go long with stop loss just below the .786 retracement and ride the uptrend until the .382 retracement at which point I'll decide either to close my position or depending on the price action, only close half of it and see where that leads me.
Trade fermée: ordre d’arrêt atteint:
Well... f*ck me.
My sell stop was triggered at 1.45544, it was all going well until the price decided to jump and high five my stop loss :(
Lesson learned : Don't be overconfident on volatile market. Have bigger stop loss even if it means less profit. Tiny profit is better than no profit at all.
PS : I'll keep monitoring this pair as I am still confident that the price will keep falling around 1.44400
My sell stop was triggered at 1.45544, it was all going well until the price decided to jump and high five my stop loss :(
Lesson learned : Don't be overconfident on volatile market. Have bigger stop loss even if it means less profit. Tiny profit is better than no profit at all.
PS : I'll keep monitoring this pair as I am still confident that the price will keep falling around 1.44400