Long trade based on confluence of factors
Updated
We are in this position because of the break above a previous structure and retracement back into a resistance come support zone. The pinbar candle signalled the entry, We have a 2360 fib level from a previous swing and we are trading in the short term trend direction. Probability suggests we will lose this trade but the risk reward makes it worthwhile.
Note
Just to add, we're above the 50EMA as well as having a vague, once broken, trend line in our favour. Targets are way back up at previous resistance.Note
A very poor trade on my part. Looking back there's a clear symmetrical triangle offering strong resistance that we were trading directly into. If hindsight was prior sight I wouldn't have taken this trade. Apologies guys.Note
The triangle can be clearly seen on the 15m if you zoom a little and on the 1hr.
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