2 options. Wait for the daily close on the current candle to see if price will stall which could indicate a reversal. Or look at 6H chart and open a short position.
At this point. It's an instinctive decision. Opening a position based on an open candle is always risky because I can't know what's going to happen during the span of the day. However if I do decide to enter this short, I'd be looking at a good risk reward ratio. I'd also allow a looser stop-loss based on previous experiences.
At this point. It's an instinctive decision. Opening a position based on an open candle is always risky because I can't know what's going to happen during the span of the day. However if I do decide to enter this short, I'd be looking at a good risk reward ratio. I'd also allow a looser stop-loss based on previous experiences.
Comment:
So I just noticed, it could also be a small retracement which would mean trend continuation. I think I'll probably wait for the close to see if the price would stall.
Comment:
Missed the rejection in January and also at the end of March.
Comment:
The short looks so tempting at this point. But being in a bull trend, the last 3 resistance area barely offered resistance. Will this one hold?
Comment:
Seems like price has been stalling since yesterday. Let's see what happens around the daily close.
Comment:
So far seems like the resistance area has held and we're already dipping on the intra-day. Will wait for an entry on retracement.
Comment:
Short looks promising. Still a few more hour to go!
Comment:
Missed entry. It looks promising but I hate how the price was rejected today. Considering it's a bullish trend the resistance might not hold. The other possibility is there's consolidation happening. If that's the case then I'd have to wait for more confirmations before taking this short.
Trade active:
O: 1.17898
SL: 1.18065
TP: 1.17605
Since this is a counter trend trade, going for a small profit trade would be prudent. If the price drops significantly or breaks through support area, I might keep the trade open. Otherwise swallow your pride and close when it satisfies your risk-reward ratio.
SL: 1.18065
TP: 1.17605
Since this is a counter trend trade, going for a small profit trade would be prudent. If the price drops significantly or breaks through support area, I might keep the trade open. Otherwise swallow your pride and close when it satisfies your risk-reward ratio.
Comment:
Market seems very indecisive. The price is still hovering around entry but there are signs of weakness. I will probably hold over the weekend and see what happens next. My next trades will definitely be looking into GBP pairs as they seem to be much more popular this month.
Comment:
Seems like the pair won't move until Wednesday where Draghi is scheduled to give a key speech that will set the tone for any EUR pairs.
Based on news, recently released reports and overall sentiment, I believe the speech would be more dovish. However what if it was hawkish? What's stopping him from trying to manipulate the EUR and push it to higher highs? Would it simply delay a drop further?
Unfortunately, I won't know until Wednesday. I'm still in this trade so I'll need to keep tabs but on Wednesday, I'll know if my analysis paid off or not.
Based on news, recently released reports and overall sentiment, I believe the speech would be more dovish. However what if it was hawkish? What's stopping him from trying to manipulate the EUR and push it to higher highs? Would it simply delay a drop further?
Unfortunately, I won't know until Wednesday. I'm still in this trade so I'll need to keep tabs but on Wednesday, I'll know if my analysis paid off or not.
Trade closed: stop reached:
Kind of happy the trade was finally stopped. I didn't want to get in another trade until this one was done..