XPT Sell at trendline rejection
Updated
Analysis:
- Trendline: Down trend
- Strong resistance at the trendline; Engulfing after touching the trend for 3/4th time.
Trade Setup:
- Entry Point: 983.700 (waiting for trendline breakout)
- Stop Loss: 990.000 - 991.000
- Take Profit: Exit upon break below the trendline / 900.000 ( previous low )
Disclaimer: This journal is for personal educational purposes only. Trading involves risk; always do your own research and consider your financial situation before making any trades.
- Trendline: Down trend
- Strong resistance at the trendline; Engulfing after touching the trend for 3/4th time.
Trade Setup:
- Entry Point: 983.700 (waiting for trendline breakout)
- Stop Loss: 990.000 - 991.000
- Take Profit: Exit upon break below the trendline / 900.000 ( previous low )
Disclaimer: This journal is for personal educational purposes only. Trading involves risk; always do your own research and consider your financial situation before making any trades.
Trade active
ActiveTrade closed: stop reached
SL touched, triggering 700 pip loss.
Lesson:
Price had broken previous high at 978.00, and was making a higher high. So it makes more sense that the price is making an upward move. Check on which high or low is broken and align moves with the trend.
Trade closed: stop reached
Revised note:
SL touched, triggering 370* pip loss.
Lesson:
Price had broken previous high at 978.00, and was making a higher high. So it makes more sense that the price is making an upward move. Check on which high or low is broken and align moves with the trend.
Disclaimer
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