GBPCAD short - 3 Feb 2017
Updated
Background:
- Multiple bearish candle formed at the 50MA resistance and trendline resistance
Entry:
- Sell stop with 20pips below the yesterday bearish candle low @ 1.626
SL:
- Set at 50% fib of the candle @ 1.642
PT:
- Set at the next horizontal support @ 1.595
- Multiple bearish candle formed at the 50MA resistance and trendline resistance
Entry:
- Sell stop with 20pips below the yesterday bearish candle low @ 1.626
SL:
- Set at 50% fib of the candle @ 1.642
PT:
- Set at the next horizontal support @ 1.595
Trade closed: stop reached
Updates - 10 Feb 2017:- Price stopped me out with the recent bullish marobozu.
- Probably stop loss should be set above the trendline resistance
- Need to revisit my SL and entry strategy
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