This is a very good looking setup, we have POI with:
1. Already reversed trend, now we have series of HHs and HLs
2. daily 50EMA
3. 61.80% fib level of previous leg
4. Structure
As aways, candle rejection is needed for entries, so if the price makes consolidation at this level, I will for sure jump in longs.
1. Already reversed trend, now we have series of HHs and HLs
2. daily 50EMA
3. 61.80% fib level of previous leg
4. Structure
As aways, candle rejection is needed for entries, so if the price makes consolidation at this level, I will for sure jump in longs.
Comment:
I want to see a breakout to the DTL and 1h 50EMA before jumping in longs.
Trade active:
I've noticed a bigger DTL so I changed it a bit to fit the highs better. Despite that I made an entry (you can see it from the chart below), but it was only half % though. Price showed rejection, but at the same time its still squeezing in the wedge, so a breakthrough and a retest will give a more conservative entry.
Trade closed: stop reached:
AUDCHF stopped me at BE, I'm above 10% for the month so I don't want to take any risk, that's why I moved my SL to BE.
I don't like the current PA so I'll stay away till something significant happens
I don't like the current PA so I'll stay away till something significant happens
Comment:
Hi again, I actually think there is still a small chance this setup to play out as planned. Here is the confirmation I'm looking for to place long position again