Price Action Analysis:
- We're in a trading range.
- Price entered the range from above (bearish)
- Considering short setups only as probability favours the bears.
1st position @0.6744 (holding partials)
Trade Plan:
- Hold open partial position with wide stops to ultimate target.
- Add to position when conditions are met:
- Daily close below 0.6642 (key level)
- Add again when
- Daily close below 0.6582 (break out of trading range)
- We're in a trading range.
- Price entered the range from above (bearish)
- Considering short setups only as probability favours the bears.
1st position @0.6744 (holding partials)
Trade Plan:
- Hold open partial position with wide stops to ultimate target.
- Add to position when conditions are met:
- Daily close below 0.6642 (key level)
- Add again when
- Daily close below 0.6582 (break out of trading range)
Trade active:
YESTERDAY DAILY BAR IS A FAKE OUT BUY SIGNAL AT A DECENT S/R LEVEL
THEREFORE LOWERED MY STOP ABOVE YESTERDAYS HIGH AND WILL TAKE PROFITS IF WE GET THERE – HAPPY DAYS!
MY BIAS IS STILL SHORT SO IF WE GO HIGHER TODAY I WILL LOOK FOR NEW POINT OF INTEREST ON LOWER TIMEFRAME TO SHORT AGAIN.
IF THE DAILY LOW CAN CLOSE BELOW 0.6643 THEN I WILL LOOK TO ADD TO MY OPEN SHORT
THEREFORE LOWERED MY STOP ABOVE YESTERDAYS HIGH AND WILL TAKE PROFITS IF WE GET THERE – HAPPY DAYS!
MY BIAS IS STILL SHORT SO IF WE GO HIGHER TODAY I WILL LOOK FOR NEW POINT OF INTEREST ON LOWER TIMEFRAME TO SHORT AGAIN.
IF THE DAILY LOW CAN CLOSE BELOW 0.6643 THEN I WILL LOOK TO ADD TO MY OPEN SHORT