After price retracement to it previous support level around 1.5860 with green inside bar formed has given me a hint that the bear steam might be running out and bull should be coming in. I waited for another 3 hours to confirm my entry. With an upclose green candle after the inside bar, i decided to place a buy order at 1.5920 although i can place it earlier after the inside bar closed but i decided not to take the risk. The trade was triggered at 0202hrs GMT. With RRR 1:2 and i am looking at my TP to be around 1.6020 but due to 1.6000 (whole number as well as previous resistance) thus i decided to set TP at 1.6000
EP: 1.5920
SL: 1.5860
TP: 1.6000
Trade update: 0905hrs GMT, i am currently 120pips in the money with trailing stop set to 50pips. As i noticed price didnt come down much earlier thus i decided to remove my TP and set using trailing stop loss since the bull is so strong.
EP: 1.5920
SL: 1.5860
TP: 1.6000
Trade update: 0905hrs GMT, i am currently 120pips in the money with trailing stop set to 50pips. As i noticed price didnt come down much earlier thus i decided to remove my TP and set using trailing stop loss since the bull is so strong.
Trade update: Trailing stop loss hit at 1042hrs GMT. Profit 87pips.
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