Looking like some divergence from a center line trend line off of another chart (panda ones from last week), we have a solid looking level at the 1.0765 ish level, and another slightly above at the round handle 1.080. sell orders at those price areas looking for a reach and pull down to the 1.0667 level it seems fond of yesterday. Placing orders to catch a potential triple tap lining up from last week's layout, I still believe there's plenty of sellers just waiting. Will be watching and as there isn't much room, letting the drawdown occur should it run to the hedge buys above at around 1.082. will be somewhat of a larger drawdown of around 50 pips, but with double order beyond that point it's able to be more than enough to cover a next level hedge out beyond 60 pips of the orders. If we just start to dive I may look for buying around the 1.0667 level and carry to the 1.0767 level back up, single entry single hedge protection if it goes that way. Arrows represent buys and sells, with the top blue being x2
Bottom case scenario we have a possible 24 pip draw in that instance
Bottom case scenario we have a possible 24 pip draw in that instance
Comment:
To kind of explain what's happening, it's basically a long the lines of "higher high" manipulation to try and load up sells at a better price. We keep dropping back down, creating demand and then each reach is slightly higher and then returns to around the same levels. Most experienced sellers will catch on to this and try to grab the third peak, which lines up well at 1.0767, but we may hit the 6670 level first, so maybe it will all trigger, or get one from the top
Comment:
One additional note, take a look at the 4 hr, you can see we're in a simple breakout leap from the range, and we all know the mantra:
"Most breakouts fail"
Most everything else I see lines up with going back into he range before long or even possibly in the end of the week
"Most breakouts fail"
Most everything else I see lines up with going back into he range before long or even possibly in the end of the week
Comment:
Bottom entry missed by a slight bit, removing the buy order at the bottom
Comment:
Triple tap is playing out, the third leg can start anywhere at or above the base, may see an additional nreach to peak before we go down, third peak may or may not be done, leaving the sell entry at the 1.076 level
Trade active:
Activated with manual entry at the area around the third peak, may not reach back up again, still will keep the orders there and hedge up if need be, but I think we're about to head down again to the range from before soon
Comment:
Manual sell entry at 1.0723, looking for 1.064 or so to close for 80 pips
Comment:
Highs are reaching lower, more sellers are raising their prices, sellers are strong moving down but a lot of eyes on the 1.0745-1.075 levels, and I think that's where the majority of sellers have been camping out
Comment:
Hedge system rules still in effect, planned risk is still about the same, removing the sell from the 1.0795 order and replacing the hedge double buy there, leaving the 1.0765 order sell in in case, maximum risk about 80 pips, targeting will go from 80 pips profit to around 200 pips profit if the second order is triggered and not released until the 1.0645 or so target range
Comment:
Lowering the top buy for 1.075 as the entry, lower hedge protection to 1.077
Comment:
Second entry taken at 1.0743 to sell and hold for the range area target of 1.0645-1.065 range. Hedge protection still at 1?0772 (for spread accounted)
Comment:
Swapping near breakeven, no adjustments, but may consider raising the hedge protection after open, should price try to challenge the last high one more time
Comment:
Still looks to be going down, but until we break the original base of the pattern, 1.077 give or take volatility is still valid. Currently we have a flat top triple tap pattern completed, but we still have the slight angle and resistance above lined up with 1.0767, so until the base is broken around 1.07, I'll be mindful of the higher point
Comment:
Getting some signs of volatility, raising the buy stop hedges to 1.0785
Comment:
About 110 pips max risk hedged, if we do break above and take off to the upside because of running out of seller in the area, it's a great outcome and setup to fix the hedge with a nice outcome from 1.09 or so
Comment:
Lovely double pin bar rejection on a key level in a reversal pattern (15 minutes) good sign and short entry signal
Comment:
Short signal was a failure, but we now have all of the points of interest hit for a proper triple tap, follow the resistance line from the tails at a slight upward angle to see the pattern now to watch 1.0745 and see if we go to the base, or if this triangle pattern will take over and run the sellers higher. Hedge protection still at 1.0785 and third entry was taken from 1.076
Comment:
5 minutes is showing a nice rejection off the high consolidation, like possibly the calvary of sellers jumping in, will be watching, if it keeps going I'll be comfortable with the 1.06420 target for all three positions
Comment:
Third entry liquidated for 18 pips gain, risk reduced back to intended trade level
Comment:
Double position hedge protection moved down to 1.0756 to further protect risk Incase this level turns around
Comment:
Falling down out of the triangle, keeping eyes to the 1.07 next
Comment:
No adjustments at this point, waiting to see if we drop right to 1.07, or retest at 1.074 then drop
Trade closed: target reached:
Target reached on the first sell, second sell continued to 1.06376. Total gain of 203.1 pips net total. Took a nap so late to update