EURAUD Short - 16 March 2017
Updated
Background:
- Bearish engulfing reversal candle off horizontal support turned resistance area @ 1.417
- 2nd shooting star formed on the 15 March 2017
Entry:
- Sell stop 20pips below the 2nd shooting star low at 1.398
SL:
- 20pips above the 2nd shooting star high at 1.413
TP:
- Previous swing low area at 1.37
- Bearish engulfing reversal candle off horizontal support turned resistance area @ 1.417
- 2nd shooting star formed on the 15 March 2017
Entry:
- Sell stop 20pips below the 2nd shooting star low at 1.398
SL:
- 20pips above the 2nd shooting star high at 1.413
TP:
- Previous swing low area at 1.37
Trade active
Updates - 18 March 2017:- After set up triggered, price went up upon testing the 20MA support. However bearish dark cloud formed with the 50MA resistance keep price in check.
- Seems like the price will be held lower and hopefully my PT will reach by next week.
Trade closed: stop reached
Updates 26 March 2017:- Set up stopped out
- Big mistake: the 21 March bullish marobozu off the 20MA is a 2nd signal that confirmed the turn of short term term.
- I should have exited the trade given the signal shown. Because of day and night work commitment i failed to picked that up.
Lesson learned:
- I need to resume my daily routine to look at my trades
- This loss reinforced my criteria of 2nd Bullish signal in a short trade is definitely a sign to quit
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