The pair is in a daily descending wedge, and has just touched and rejected the upper trend line of the wedge, a few 4HR indecision candles were made at this level which is also a 0.5 level fib, and then a bearish candle was formed which indicated to me the market decision has been made to travel lower. I have placed my TP at the swing low however it my go lower than this as it is currently on the LL leg of the trend.
TP @ 1.29987
SL @ 1.32265
R/R @ 2.6
TP @ 1.29987
SL @ 1.32265
R/R @ 2.6
Comment:
SL moved to breakeven, the only way it will touch the breakeven price now is if it breaks the descending trend line, and it it does that it would surely go to my original SL also.
Comment:
If price convincingly closes above second trend line I will manually exit trade for a portion of the profit, and may even take a long trade out then as it is bound to go higher.
Comment:
SL moved to profit 1.3127.
Trade closed: target reached:
SL hit.