Hello All,
I have identified a long set-up on the EUR/GBP pair.
I have entered right at the candle above the blue arrow on my chart and have set a really tight stop-loss illustrated by small ORANGE line on my chart in case price decides to retest the bottom of that long red wick illustrated by ORANGE CIRCLE on the chart.
Some things that further affirm this trade is the MACD being extended far below the zero line (with bullish dot painted, basically just a bullish cross of the fast and slow EMA's.)
Over-all trend on the MACRO (larger time-frame) is bullish .
We are below an AVL (agreed value line ) on the 1-hour.
Interesting note: when-ever my AVL indicator paints an AVL line (yellow dotted line) without a fog box, 98% of the time, price retraces back to that AVL at-least.
target is illustrated by red dashed line and red price tag.
if stopped out look for an entry near the bottom of that long red wick.
Updates to come.
Safe trading. :)
I have identified a long set-up on the EUR/GBP pair.
I have entered right at the candle above the blue arrow on my chart and have set a really tight stop-loss illustrated by small ORANGE line on my chart in case price decides to retest the bottom of that long red wick illustrated by ORANGE CIRCLE on the chart.
Some things that further affirm this trade is the MACD being extended far below the zero line (with bullish dot painted, basically just a bullish cross of the fast and slow EMA's.)
Over-all trend on the MACRO (larger time-frame) is bullish .
We are below an AVL (agreed value line ) on the 1-hour.
Interesting note: when-ever my AVL indicator paints an AVL line (yellow dotted line) without a fog box, 98% of the time, price retraces back to that AVL at-least.
target is illustrated by red dashed line and red price tag.
if stopped out look for an entry near the bottom of that long red wick.
Updates to come.
Safe trading. :)
Comment:
UPDATE: I accidentally had set my stop to trailing and ended up getting stopped out with almost no loss. No biggie, I have readjusted my entry to the bottom of that long ORANGE CIRCLE wick.
Trade active:
Bullish price action and bullish signal on MACD so I have entered at original entry point.
Trade closed manually:
A little shy of my target but made a nice profit on this trade! :)