Confluences listed:
1: Trendline breakout and close on the Daily timeframe
2: Change in market structure and new low has been formed
3: Break and close below support around the 113.3** area
4: Double Top Pattern Formation
Summary:
Entry will be taken during the NY session. The trade has a potential RR of 2: 1 or more, depending on how deep the pull back is next Monday. If the trade is any less than 2:1 RR we will not be looking take the trade. Target are set using fibs from the high to the low of the breakout candle.
1: Trendline breakout and close on the Daily timeframe
2: Change in market structure and new low has been formed
3: Break and close below support around the 113.3** area
4: Double Top Pattern Formation
Summary:
Entry will be taken during the NY session. The trade has a potential RR of 2: 1 or more, depending on how deep the pull back is next Monday. If the trade is any less than 2:1 RR we will not be looking take the trade. Target are set using fibs from the high to the low of the breakout candle.
Comment:
Price has pull back nicely, allow for a RR 2:1 at the moment. We will see how price behaving going into the NY open, assess the RR and decide on whether to enter or pass.
Order cancelled:
Trade cancelled, the RR was 1.8:1. We didn't enter in order to avoid over trading and the trade did not meet the RR 2:1 of our trading plan. On to the next one even thought still a good trade setup.