The market moved down aggressively (painting mostly BEARISH candles on 60 min chart) Thursday into Friday so I decided to enter long @ 61.8% blindly! I just exited for 96 pips after holding over the weekend.
I exited before the potential target of 1.14650 for 2 reasons:
(1) We experienced a 61.8% retrace within what should be a strong uptrend!!!
(2) This suggests a lack of confidence in the continuation of price movement to upward highs, AT LEAST FOR NOW!!! Possibly because the 1.14650 level has provided strong resistance as of late.
Now I wait.
Hope you got something from this expected move!! I will post my next trade idea shortly. Until then, HAPPY TRADING!!!
I exited before the potential target of 1.14650 for 2 reasons:
(1) We experienced a 61.8% retrace within what should be a strong uptrend!!!
(2) This suggests a lack of confidence in the continuation of price movement to upward highs, AT LEAST FOR NOW!!! Possibly because the 1.14650 level has provided strong resistance as of late.
Now I wait.
Hope you got something from this expected move!! I will post my next trade idea shortly. Until then, HAPPY TRADING!!!
