I found an area of interest with a engulfing candlestick that met my criteria.
The distance (gap) between the body and the support was 179pips; I divided this by 3 as the engulfing candlestick was 3 times the size of the previous candlestick.
My stop order was therefore 59pips below the next candlestick (1.3099). My target was 1% above the candlestick price (1.3304).
A more aggressive strategy would have reaped better rewards.
The distance (gap) between the body and the support was 179pips; I divided this by 3 as the engulfing candlestick was 3 times the size of the previous candlestick.
My stop order was therefore 59pips below the next candlestick (1.3099). My target was 1% above the candlestick price (1.3304).
A more aggressive strategy would have reaped better rewards.
Comment:
after the election, prices soar and smash the resistance line. However soon decrease as the reality of the things settle down and prices decrease and then begin to stabilise w/b 16th.