Take Profit hit today for a nice 3:1 Reward to Risk ratio trade.
Two things about todays candle:
1. Latest 4HR candle is a tall candle. Tall candles are usually retraced by as much at 50% on average.
2. Price action is now far removed from the 20EMA. Normally when price moves too far from mean value (20EMA) price will retrace back to mean value.
For these reasons I am now looking for a pullback on the 4HR TF for new high quality Short trade setups.
Note: I see Major Support at 114.0000 so there should be several more short trade setups in the days and weeks ahead
"Have a trading question or a chart you would like for me to analyze Chat with me at "Forex Chat" chat room (not the "Forex" chat room)."
Two things about todays candle:
1. Latest 4HR candle is a tall candle. Tall candles are usually retraced by as much at 50% on average.
2. Price action is now far removed from the 20EMA. Normally when price moves too far from mean value (20EMA) price will retrace back to mean value.
For these reasons I am now looking for a pullback on the 4HR TF for new high quality Short trade setups.
Note: I see Major Support at 114.0000 so there should be several more short trade setups in the days and weeks ahead
"Have a trading question or a chart you would like for me to analyze Chat with me at "Forex Chat" chat room (not the "Forex" chat room)."
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.