Break and Retest of Consolidation Zone
I began on the one hour timeframe. I saw that price was in-between a zone that I had previously placed a few days ago. Just to make clearer I “boxed up” the price with my yellow rectangle. Using this strategy I’m able to wait for breaks to the downside or upside and look for the corresponding entry. In looking at this chart, it appeared bullish to me. I favored the move to the upside and wanted to see price break,retest, and continue the uptrend. My SL (50 pips) was placed below the zone. I now see 30 pip SL would have been sufficient. Trade went my way (100+ pips). Looking back I see multiple opportunities to add positions based on fib entry (15 min timeframe).
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