I did short GU @1.5470 under the impression of strong res line (1.5490) and closed it at +1. Now price drop more. The reason I closed that trade is because i change my view from bearish to bullish. Im not really fan of counter-trend trading.
However, when looking at others idea and chat with few trader here, i found that there are plenty reason why GU will go long.
1. There is AO divergence earlier (brown line) which i missed. I believe divergence is great indication that trend will reverse.
2. Price indeed show an uptrend even in Daily by looking at A and C.
3. I not fond with harmonic pattern which in case this might be a butterfly pattern. Been study this for awhile and this perhaps my 1st attempt to trade this based on harmonic pattern study. As for now, we waiting for D to go short.
4. Price break my descending trendline.
As for now, I waiting for price to retrace so i can enter long. 1.5400 seem a good round number to go but still i want to wait for signal first. Maybe will enter long early. Time will tell...
Lets see.. happy trading...
However, when looking at others idea and chat with few trader here, i found that there are plenty reason why GU will go long.
1. There is AO divergence earlier (brown line) which i missed. I believe divergence is great indication that trend will reverse.
2. Price indeed show an uptrend even in Daily by looking at A and C.
3. I not fond with harmonic pattern which in case this might be a butterfly pattern. Been study this for awhile and this perhaps my 1st attempt to trade this based on harmonic pattern study. As for now, we waiting for D to go short.
4. Price break my descending trendline.
As for now, I waiting for price to retrace so i can enter long. 1.5400 seem a good round number to go but still i want to wait for signal first. Maybe will enter long early. Time will tell...
Lets see.. happy trading...
Trade active:
Just enter long @ 1.5430 with SL 1.5395. Feeling good so far. But now i really 'hope' price will break 1.5490 and to the mood... well, at least 1.5630.
No TP at the moment...
No TP at the moment...
Trade closed: stop reached:
Oh well, will wait for other long setup. Gotta watch out for pin bar in D1 and res line at 1.5490. Seem my initial analysis about short is good.
However, I still stick to this plan...
However, I still stick to this plan...
