Price was between the 20 and 50 EMA with upside momentum. The 20 EMA was above the 50 and the 50 was above the 200 EMA meating part of my criteria for a long entry amongst other criteria.
Decided not to enter trade (long) because there was no MACD support and price action is currently in an ascending wedge. Will look for entry when price breaks out of the wedge.
USDCHF appeared to present a long position opportunity, but the MACD was presenting conflicting signals. Decided not to enter trade because there was not enough risk/reward ratio.
Price was initially going against the trade so I waited on my entry, I placed an entry order at the 127 extension and a stop loss 15 pips above "X" when price, reached the 382 level I moved my stop loss to break even and when price reached 618 stop loss was moved to 382. Now price is still moving in my favor and i have a 15 pip trailing stop loss to lock in some...
If price drops to the .996 level a bullish Gartley pattern will complete. My stop would be 15 pips below X at .9936 and look to take profits at the .382 and .618 Fibonacci retracement of A to D. If price reaches the .382 level I will move the stop loss to break even and possibly implement a trailing stop loss. We will see how it goes, this could be a very...
