I'm trying to catch a 3.5% reversal right here. RRR (RISK REWARD RATIO IS APPROX 25 TO 1)
The current general trend is bullish, and my system reveiled a chance to catch a bullish move, as I prefer to trade the long side in bullish main trends.
My entry is based on both, my h13 timeframe analysis, and my h2 timeframe analysis for confirmation.
I'm posting this a few minutes delayed, because it took me some time to prepare a version that i may share with the public (due to disclosure issues).
In order to make you guys pick up on what I'm trying to do, I drew this trend channel, which I am expecting to catch the falling price and initiate the reversal. I waited for the price to hit my lower " 2h 50%" target, and I am expecting it to reverse towards the upper "2h 50%" target - at least.
I mentioned the "h2 50%" as a confirmation for my "13h analysis".
As you can see, the 50% targets overlap each other (just like my 13h and 2h channels) and they're basically on the same level, which increases the chances of this reversal to be successful - until said point. Since the 13h analysis gave me a reversal-signal, it may actually happen to happen that we see a full 13h reversal which would result in hunting the following 50%, 100% or even 125% levels:
Furthermore I spotted this RSI-divergence in the h13 timeframe, which i generally use in order to apply any of William Delbert Gann's methods of analysis, and generally in order to confirm my system's entries - just like this one.
looking forward to updating you on this one. Be careful out there!
Note
*UPDATE*:
held the position over the weekend (swap fees/lot/day) position didn't get stopped out on opening moving stop loss (SL) on breakeven (BE) closed 10% of the position on friday in order to compensate a potential SL-loss on monday, and in order to make up for the fees.
conclusion: 90% position size remaining trade is risk free
Note
*UPDATE*
timeframe: m5
probably the last chance for this trade to make a decision, and get away from the entry area.
Note
*UPDATE*
I have extended my stop loss by the remaining profit from the partial take profit from friday. So the trade is on a net break even now.
I am now opening a second position, based on this channel, and the support it found. Entered in the 60s and 15s TMF (timeframe).
*WARNING: I AM HEDGED ON EUR/USD; Meaning i have a profitable SHORT position already, and I am net short on EUR/USD. My long entries are RISK FREE!!!*
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