---- ANALYSIS ---- -- (8h) Two large Bullish candles rallied price to 0.7870 level -- Price has since stalled and ranged between 0.7870-50
---- STRATEGY ---- -- Price expected to return to 0.7800 level -- If price breaks range and moves below 0.7850, then Bearish entry is valid.
---- ACTIONS ---- -- Placed SELL(+50/-25) at 0.7844
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---- IN TRADE ---- -- Entry was triggered at 10am, but was a whip-saw of news-related price action. -- As of 3pm, price has drifted steadliy into more negative territory. -- Decided to close position as-is with -9pip loss.
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---- EXTRA ---- -- via TradingView's published ideas feature, was able to check out another person's analysis which spoke of a possible bullish turnaround from the bottom of a 300pip channel. -- This also influenced me to exit early and reset the entire trade... -- (Interesting feature..!)
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---- EXTRA ---- -- Upon further review of the other person's chart: -- -- I feel his analysis is somewhat off...
-- he talks about price bouncing off of a (sketchy) descending parallel channel, when the more likely (and more concrete) explanation is the bouncing off a 100-level. -- Again, very interesting TV feature that (emotionally) affected my trading judgement. -- Will be more mindful of this during my In-Trade moments...
Its not the channel but the idea that price was rejected at the same trend angle as the previous high and lower high became very interesting. I took a long position based off a wykoff reversal pattern. Basically false breaks after creating a low or say axis bar. I highlighted the false breaks off that bar.
DollarBuddha
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@RKchartest, Thanks for the reply and the comments...
I too am Bullish on the pair if it continues to stay above the 0.7850 level...