The weekly candle has officially closed bearish at resistance. This can only mean that price will drive down to the next support provided the high of the week is not broken. My job here is to take the most probable setup whilst exercising strict risk management. I have chose to take the break of the daily low as my entry because it will provide confirmation for banks to pump the volume . The SL placement is tight because i feel if price breaks the daily high this trade is invalid. TP is open as there is sum messy traffic involved and we will have to wait and see how rpice reacts there.
Comment:
Due to the drawdown, i have closed half my postition size and am now waiting for price to respect higher timeframe analysis. Stops placed at weekly high therefore trade is still valid. Position still currently open.
Comment:
I am adding risk back once the break of the low (155.407). I am going in with full position size. Being reactive and not predictive, i am only adding back my risk because i still believe in my weekly analysis which indicate a possibility of clean price action towards weekly support (our TP)
Trade closed manually:
Price was rejecting going lower on the 4H and considering that i am down this month, i wanted to secure dem pips! Regardless it was a very high probability trade and i wont he surprised if it drives lower. Caught what i needed and im out! Good end to the week :)