Strong Down Trend Leg On Weekly
Leg1
Start Price: 0.98491 (open)
Date: March 23rd 2020
End Price: 0.89027 (close)
Date: Jan 04th 2021
Leg 2 (Entry Sell)
Entry: 0.93386
Stop Loss: 0.94602
Date: 17th March 2022.
Take Profits:
Price has been stuck in a sideways range since 22nd Feb 2021. This is a weak pullback in based on structure and price action. Price Action stated that strong trends usually take the form of TWO with trend legs. WAIT to enter on a Low 1 entry on the 4HR TF (@0.93386).
Take Profit Calculation:
Fib Retracements
Fib Extension of previous weekly Swing High: (March 4th - 16th)
Target 1 = 0.8999 (R;R = 2.98)
Target 2 = 0.87418 (R:R = 5.49)
Fundamentals Backdrop
Short USD
~ High Inflation
~ Debt from Stimulus and Ukraine Aid
~ Swiss Frank is risk off currency
~ Swedish Central Bank is keeping interest rates at current levels which is Less hawkish than US Fed Quantitative Tightening Fiscal Policy.
Cheers! First Trade Post Ever! :)
Trade closed: target reached:
Leg 2 (Entry Sell)
Entry: 0.93386
Stop Loss: 0.94602
Date: 17th March 2022.
Mistake calculating TP:
Target TP: 0.92840
SL (Adjusted) : 0.93475
TP1 = 0.92832
R:R = 6.07
Entry: 0.93386
Stop Loss: 0.94602
Date: 17th March 2022.
Mistake calculating TP:
Target TP: 0.92840
SL (Adjusted) : 0.93475
TP1 = 0.92832
R:R = 6.07