My IDEAL SETUP for any trade and its componentsOK so its an EJ trade that I took today 31 August 2022 at 10:20 GMT ,
A trade that I have been monitoring for quite some time now after missing the second leg of the trade I then took the pair to heart and after analysis I started following up coz its normally not among my favourite pair to trade . so when price broke the trend line, retested it and created the second leg I said I misses earlier ,rejected that level pulled back and broke bellow the previous lower low it created and got to the 61% level fib , then came back again to retest the previous low it broke that was support and now turned resistance . I started watching closely again it rejected that level couple of times in fact for some weeks I was still keen then price gave a sign of a double top I entered with a del limit other at 137.734 but I was a false pattern it broke the level upwards and hit my stop loss I took the hit ,followed it knowing that their is still a trendine guiding price in some few hundred pips away so I stayed tuned knowing that price just wants to fulfill technical levels . then price got to the trend line gave me a decent struggle at the trend line as expected showing that my level was valid . so I poped another fib for the retest of the first broken trend line which is now point B at this current trend line that got respected to current price at the same trend line making the third touch point C ,things got very interesting now here I got another double top formation that held this time closing with a strong 4h bearish engulfing close I stepped in at about 138.520 SL above the second head of the double top at about 138.780 To all the way to the new 61% fib retracement level .
Hope it pan out great ,because I just made this post immediately after placing the trade but I'm quite confidence in my bias but as we all know anything can happen in this market so I'll just monitor and play it by AIR ...........HAPPY TREADING WEEK Y'ALL , PEACE✌
