Acc Risk: 0.6%
Long: 2x 0.7609
Stop: 0.7571 (38 pips)
Target 1: 0.7669 (prior high, 60 pips, 1.57 RR)
Target 2: 0.7716 (major resistance, 107 pips, 2.8 RR)
Well this is another one of those kick in the balls trades, that just goes against you straight-away (like it was waiting for the trade to be placed before showing you its hand). Price made a strong close inside the bands and I had a decent entry to get long but it just headed lower. Saw plenty of these situations in back testing so there’s not much to say.
One thing worth noting was the MAs were getting chopped around with price so the prior highs were my targets. Not had any trades that have been targeting prior highs so a bit of an unknown.
Given the strong price action down, I think I’ll leave this one alone until price gets to the 4h500. See if we can get a long from there.