Working on forex still, took a really nice trade yesterday and just close it out today at around 50 pips, I had been watching several pairs the past couple days and was waiting for the patterns to play out. I also was looking for bearish order blocks and if you look at where I took my fib from it was off the back of a big sell off.
I looked for a few things for this trade. firstly, I wanted to see lower highs, and we didn't even get close, then I seen the last level of resistance was 0.72 level which from a risk to reward standpoint makes a lot of sense going with a short at these levels, price had just rallied up and we were hitting clear resistance here. it actually ended up being the perfect entry or 'OTE' as I am learning. all of this analysis is off the back of watching 'the inner circle trader' I am just getting started watching his analysis but he is very accurate and patient and patience has paid for this trade big time.
I still think price will go lower but for my second trade in forex and nailing 50 pips I am not going to get greedy here, just going to try and keep it up. the yellow line is where I could see a test but honestly it wouldn't surprise me to go lower, again though the same technique could be used here to look at the retrace back up from these levels and try catch the next leg down. I will keep ay eye on this chart for the next week or so and look to take a similar trade as market bias is definitely bearish here.
I am going to do forex all day today I think and see if there is anything playing out or maybe things too watch, so far so good!
I looked for a few things for this trade. firstly, I wanted to see lower highs, and we didn't even get close, then I seen the last level of resistance was 0.72 level which from a risk to reward standpoint makes a lot of sense going with a short at these levels, price had just rallied up and we were hitting clear resistance here. it actually ended up being the perfect entry or 'OTE' as I am learning. all of this analysis is off the back of watching 'the inner circle trader' I am just getting started watching his analysis but he is very accurate and patient and patience has paid for this trade big time.
I still think price will go lower but for my second trade in forex and nailing 50 pips I am not going to get greedy here, just going to try and keep it up. the yellow line is where I could see a test but honestly it wouldn't surprise me to go lower, again though the same technique could be used here to look at the retrace back up from these levels and try catch the next leg down. I will keep ay eye on this chart for the next week or so and look to take a similar trade as market bias is definitely bearish here.
I am going to do forex all day today I think and see if there is anything playing out or maybe things too watch, so far so good!
