DislikedCurrently I am looking to sell at the same confluence level. Any criticisms or advice are greatly appreciated, thanks!Ignored
It was good that you noticed the bar formation, DBLHC, and the resistance area at 1.3800. When many of us trade these formations, our stop is usually below the DBLHC, and we look for these at strong ppz areas with room to run and give us a good reward for our risk. There is nothing wrong with finding your own way of trading, and if having a stop loss a few pips under the high has worked for you, then maybe you are on to something. I personally prefer a little more "room" for price to run before it runs into orders against me. I would also prefer to see this formation as a DBHLC, “double high with low close”, right off of 1.3800 for a short. We would have the added advantage of it being with the trend as well as off strong ppz and even with those fibs you mentioned. Our stop loss would be much more safe and covered by other’s money if it was above 1.3800.