GJ has broke below structure and closed below zone on 4H timeframe. Also formed a Head n Shoulders and closed below the neck line. Zooming on the 1h we can also see structure broken to the downside and closed below zone. Price retraced and shown rejection @ 190.600 zone by forming a Doji.
Having seen price rejecting zone I zoomed into the 30mins and 5 mins where I was looking for a Break of structure to the downside and a retest which happened at 12.30pm Uk time also pre-NY.
Seeing this added confluence of BOS on 5mins I entered sells @ 190.57 with sl@190.900 (Risking 33pips).
TP1. 190.00. TP2: 189.85 TP3:189.700 TP4:189.55
* Where has the market moved since I entered my trade? Slight profits
* If I looked at the market now, would I take the same trade? Yes
* How do I feel about my trade? Optimistic and confident
* What do I like about this trade ? multiple confirmations
* What do I dis-like about this trade now? took bit of time before showing volume
* On a scale of 1 to 10, where would I rate this Trade now? 8/10
* If I were not in a trade now, would I take the opposite trade ?no
Having seen price rejecting zone I zoomed into the 30mins and 5 mins where I was looking for a Break of structure to the downside and a retest which happened at 12.30pm Uk time also pre-NY.
Seeing this added confluence of BOS on 5mins I entered sells @ 190.57 with sl@190.900 (Risking 33pips).
TP1. 190.00. TP2: 189.85 TP3:189.700 TP4:189.55
* Where has the market moved since I entered my trade? Slight profits
* If I looked at the market now, would I take the same trade? Yes
* How do I feel about my trade? Optimistic and confident
* What do I like about this trade ? multiple confirmations
* What do I dis-like about this trade now? took bit of time before showing volume
* On a scale of 1 to 10, where would I rate this Trade now? 8/10
* If I were not in a trade now, would I take the opposite trade ?no
Trade closed: stop reached:
Trade unfortunately took out stops by 3 pips and did exactly as analysed. Could have managed risk once price came back to entry and closed half the position or all of it and re-entered once we got a better confirmation.