USDCAD M15 Bearish Shark
Entry would be at Entry1 as it was the highest point
Entry: 1.31727
SL: 1.31800
Tp1: 1.31127
Tp2: 1.30649
Good risk to reward due to the proximity of SL.
Previously engaged in a trade and closed partial position to protect some profits, the reason being when looking left at previous structures there is a high probability of a retest of resistance at entry level. If the price does not break above the resistance (Entry Price ) level, this would fulfill the double top scenario supporting our reason to short even further. I would recommend each trader to follow their own rules and filters before engaging the trade.
Entry type = Type 2 entry
Do note that Shark has multiple Entry Zone, therefore, I would personally prefer to monitor such pattern and ensure all criteria are met before engaging the trade.
Entry would be at Entry1 as it was the highest point
Entry: 1.31727
SL: 1.31800
Tp1: 1.31127
Tp2: 1.30649
Good risk to reward due to the proximity of SL.
Previously engaged in a trade and closed partial position to protect some profits, the reason being when looking left at previous structures there is a high probability of a retest of resistance at entry level. If the price does not break above the resistance (Entry Price ) level, this would fulfill the double top scenario supporting our reason to short even further. I would recommend each trader to follow their own rules and filters before engaging the trade.
Entry type = Type 2 entry
Do note that Shark has multiple Entry Zone, therefore, I would personally prefer to monitor such pattern and ensure all criteria are met before engaging the trade.
Comment:
Tricky Pattern within a pattern, after TP1, if the entry was placed at SL it would have gotten stopped out. Of course, I did, however, manage to trade those few patterns and took back some profits.