OK, I'm ready for some crticism of this entry LOL
EURUSD M5 buy
Yes, I know that ALL the higher charts are in a down trend, so it LOOKS like a counter-trend trade. However, based on the swings of the M1 and the last swings before my entry, it appears to me that there is an attempt to begin a reversal of the down trend; M1 already got reversed. now the "wave" is progressing up through the charts.
M5 higher low
stoch crossed up
HA candles up
buy 1.4059 SL 1.4020 near lows
TP 1.4073 near a "75" line
While I was at lunch, price moved up and just missed my TP.
Now in danger of the attempted trend reversal failing and further movement down.
DrDave
EDIT: TP hit. Took about 4.5 hours!
By the way, it would have been a nice M30 buy after a higher low at the same entry value 7 candles later (on M30) and R:R could have been closer to 1:1. But that would not have been "iron clad", either, because it would be against the H4 and D1 downtrends!
EURUSD M5 buy
Yes, I know that ALL the higher charts are in a down trend, so it LOOKS like a counter-trend trade. However, based on the swings of the M1 and the last swings before my entry, it appears to me that there is an attempt to begin a reversal of the down trend; M1 already got reversed. now the "wave" is progressing up through the charts.
M5 higher low
stoch crossed up
HA candles up
buy 1.4059 SL 1.4020 near lows
TP 1.4073 near a "75" line
While I was at lunch, price moved up and just missed my TP.
Now in danger of the attempted trend reversal failing and further movement down.
DrDave
EDIT: TP hit. Took about 4.5 hours!
By the way, it would have been a nice M30 buy after a higher low at the same entry value 7 candles later (on M30) and R:R could have been closer to 1:1. But that would not have been "iron clad", either, because it would be against the H4 and D1 downtrends!
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