Technical Analysis:
-Price broke longer term downtrend and is now retesting it on the backside
-Area of broken resistance now looking to be treated as support
-Uptrend forming, looking for price to respect the new uptrend
-Had a big bullish candle on the retest of the downtrend
*Double Whammy trade*
I think I may have taken this trade a little early, I did see the big push on the backside of the broken downtrend, but it still had some room to come down and touch the uptrend. Price was at a new level of support when we had that big push which showed that we might not reach that uptrend. I think I should have put my SL with a little more wiggle room just because of the uptrend being a little farther away. Regardless this is the first trade of this style of trading and there are many more to come, just keep being consistent with this and keep refining this skill. You will understand situations like these much more easily when you are seeing this every single day!
-Price broke longer term downtrend and is now retesting it on the backside
-Area of broken resistance now looking to be treated as support
-Uptrend forming, looking for price to respect the new uptrend
-Had a big bullish candle on the retest of the downtrend
*Double Whammy trade*
I think I may have taken this trade a little early, I did see the big push on the backside of the broken downtrend, but it still had some room to come down and touch the uptrend. Price was at a new level of support when we had that big push which showed that we might not reach that uptrend. I think I should have put my SL with a little more wiggle room just because of the uptrend being a little farther away. Regardless this is the first trade of this style of trading and there are many more to come, just keep being consistent with this and keep refining this skill. You will understand situations like these much more easily when you are seeing this every single day!
Comment:
SL was adjusted to 79.980 so we are still in this trade, very close to the entry point.