My trade is already open so it's more of less of an analysis but more a log.
Daily chart shows there's some consolidation on the support area around 6875. If we look closer at the 4H chart, it looks like there could be a bullish reversal. Although the overall trend is still down, this could be an opportunity.
Opened the trade around 6850 and looking to exit around 7250. Although my exit should probably lower considering the overall trend. Aiming for 1:2 in a reversal is always tricky so maybe a 1:1.5 might be safer. I'll figure that out if the trade is still open in a few hours.
Next time I'll post my idea first so I have more accurate figures.
Daily chart shows there's some consolidation on the support area around 6875. If we look closer at the 4H chart, it looks like there could be a bullish reversal. Although the overall trend is still down, this could be an opportunity.
Opened the trade around 6850 and looking to exit around 7250. Although my exit should probably lower considering the overall trend. Aiming for 1:2 in a reversal is always tricky so maybe a 1:1.5 might be safer. I'll figure that out if the trade is still open in a few hours.
Next time I'll post my idea first so I have more accurate figures.
Trade closed: stop reached:
Stop might've been to tight. My original support was around 6900. I still believe the support area to be strong because of the recent rejection on the daily. Might look for re-entry on a reversal. If I miss it, I'll be looking to short on retracement.
Comment:
Got to know when you're wrong. So based on previous movement. Looks like the trend down is stronger than anticipated. The support might be broken again and we might be looking at testing sub 6500.