Minimal time to post this trade. I'm short at .72748. Bearish price action at resistance area followed by further bearish price action. Charts below show well. There could be a fake out retest of resistance area. That happens frequently in over crowded trades like this.
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Price action has turned bullish and is threatening to take out last LH (easier to see on 1H chart) ~.73185. First initial pullback after I opened the trade presented itself as an opportunity to add to my position and that's what I did since I had the room to increase my position size based on my trading plan. This pullback is different, and even though I still have the ability to add based on my trading plan, I will not add at this time. After the first pullback following opening the short position, not only did price failed to make a new LL, it also indicated potential bullish reversal. My SL is at risk. Bullish momentum above .7330 area could lead to a much bigger bull movement and a retest of last high (.740 +).
I'm staying put at this time. I may add to position IF bearish price action develops prior to my SL. Regarding this trade, I'm watching price action at .7316 (soon approaching) & .7328.
Price action has turned bullish and is threatening to take out last LH (easier to see on 1H chart) ~.73185. First initial pullback after I opened the trade presented itself as an opportunity to add to my position and that's what I did since I had the room to increase my position size based on my trading plan. This pullback is different, and even though I still have the ability to add based on my trading plan, I will not add at this time. After the first pullback following opening the short position, not only did price failed to make a new LL, it also indicated potential bullish reversal. My SL is at risk. Bullish momentum above .7330 area could lead to a much bigger bull movement and a retest of last high (.740 +).
I'm staying put at this time. I may add to position IF bearish price action develops prior to my SL. Regarding this trade, I'm watching price action at .7316 (soon approaching) & .7328.