Hi Ciara, how are things these days?...thought I would post todays Europe break on the GJ. I took an early Long in the day, trading with the long term trend for 1R. But then price re-tested yesterday's high coming into the Europe Open and was beaten back down - giving a Lower Low and Lower High - possible downtrend for the day??
Once price went below the Asian low I was looking to go Short on a re-test. Even though this is against the 4hr trend, we did have a large pin on 4hr and after the huge jump up on Monday I guessed some profit taking was in order.
As shown on the chart price went up to re-test the Asian low break and test the round number 161.00 - SL put in 10pips above 161.00 and market entry short at 160.85. Because I was trading against the trend SL was brought to BE once 1R was reached.
I had mental limit at 2R (160.30) but I was lucky and squessed a few extra pips with a large fast drop to give me a 2.7R trade. A classic a straight forward Break out trade.
Once price went below the Asian low I was looking to go Short on a re-test. Even though this is against the 4hr trend, we did have a large pin on 4hr and after the huge jump up on Monday I guessed some profit taking was in order.
As shown on the chart price went up to re-test the Asian low break and test the round number 161.00 - SL put in 10pips above 161.00 and market entry short at 160.85. Because I was trading against the trend SL was brought to BE once 1R was reached.
I had mental limit at 2R (160.30) but I was lucky and squessed a few extra pips with a large fast drop to give me a 2.7R trade. A classic a straight forward Break out trade.