DislikedReally nice trade, mate. Can I ask you why you entered the trade at that particular point? Was it because it seemed like a strong trend? On my chart, it was right on the M3 line, so I'm wondering if you deliberately entered there, and targeted the M4 line?
Whatever the reasons, it was a nice profitible trade, and that's the main thing!
Well done, mate.
Cheers.Ignored
When I redid my daily pivots and analysis for this session, I noticed the main trend on the Daily chart was down with a smaller upward trend (possible Bear flag) and I had Histogram divergence, coupled with this pair coming off its lowest price in one year. The Hourly chart had an up trend with MACD, price, and ema's pointed up, along with a pull back to the 8ema. On the 15M chart, the trend was up while price was flat on the M3. The 8 and 12 ema's were pointed down and I had a spinning top on the 24ema.
Price moved down from my M3 to half way between my M3 and CPP. It then reversed and headed for the M3 where it stayed for awhile. I waited to enter until price had convincingly penetrated the M3. The ema's on the Hourly, 30M, 15M, and the 5M were also headed up (the 5M was not as clean as I would have liked, but it wasn't that much of a negative.)
When it did start moving, price went through my R1 and banged up against my M4. I moved the trailing stop by hand as I went (I wanted to keep as much as possible.) In hindsight, I should have probably closed the trade when it hit the M4. Price action was running out of momentum. Closing at the M4 would have given a profit of 170 pips. But hey......hindsight is 20/20, and I'm happy with the 120 pips.