Another false breakout?
Updated
-- I was not supposed to trade this pair but I forgot to cancel my orders due to high risk --
At exactly 2017.05.29 04:56 UTC +03:00, my sell limit for this pair -- right at the daily 200sma -- was triggered. Failure to remember I had an ongoing sell stop as well, it was triggered at 09:22 (few minutes from now).
Considering that this pair has broken the daily support, possible descend may follow through. However, as seen on the previous days, false breakouts tend to occur within these levels. The possibility of forthcoming descend is 'supported' by the continuing weakening state of the Aussie Dollar -- weak economic data and weak commodity (such as copper) -- along with the recovery-state of the Crude Oil/Brent Oil.
Since I'm already in the trade, I will hold my ongoing positions. I do, however, caution you to trade strong pairs v strong pairs, or pairs relating to Canadian Dollar. Better to trade Oil rather than Loonie.
At exactly 2017.05.29 04:56 UTC +03:00, my sell limit for this pair -- right at the daily 200sma -- was triggered. Failure to remember I had an ongoing sell stop as well, it was triggered at 09:22 (few minutes from now).
Considering that this pair has broken the daily support, possible descend may follow through. However, as seen on the previous days, false breakouts tend to occur within these levels. The possibility of forthcoming descend is 'supported' by the continuing weakening state of the Aussie Dollar -- weak economic data and weak commodity (such as copper) -- along with the recovery-state of the Crude Oil/Brent Oil.
Since I'm already in the trade, I will hold my ongoing positions. I do, however, caution you to trade strong pairs v strong pairs, or pairs relating to Canadian Dollar. Better to trade Oil rather than Loonie.
Trade closed manually
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