EURGBP Short Position (05-11-21 at 9 PM)

2021년 5월 12일

Price breached a clear diagonal support area on the 1h EURGBP chart.

Here are the entry qualifications that convinced me to take a short position:
1.) Price seemed to have retraced to and confirmed the former support area as a resistance area
2.) A bearish engulfing candle had formed within the new resistance area
3.) Price breached the 8 EMA with a strong bearish move
4.) Price was still making LHs and LLs

My TP area will be a little before the next psychological level of 0.85500, which I think it will hit during wither the London or New York session.

2021년 5월 12일

노트

I forgot to mention a 5th qualification that played a role in my analysis:
5.) Price is moving below both the 200 and 50 EMAs

And I, of course, meant to say 'either' instead of 'wither'. Haha.

2021년 5월 12일

액티브 트레이드

Unfortunately, the trade reversed right before hitting my TP while I was asleep, but I'm holding on to the trade because I think it will still hit TP when it goes back down. As a matter of fact, I moved my TP down a little bit to 0.85520 (a little closer to the psych. level of 0.85500), for a RRR of 1:3.