So, I’m still getting used to having to hold my positions until they hit my stop or my target. I ended up closing both positions, but the good news is for just about 2:1 each (original target is 2.5:1). Price did go ahead and hit the initial target levels later before showing signs of a reversal. Here are the charts:
Now looking for the next setup…
I’m back and ready to get things rolling. First, I want to thank you all for your continued support. It really means a lot Good looking out everybody!!
Now, let’s get down to business. The first trade I took was a “short” position on $NZDCAD. We had a bearish engulfing pattern that formed at a new high, so there was no resistance level near by and the pattern was above the previously broken resistance level. That being the case, I didn’t take the trade. The next candle continued with the bearish momentum and closed below the S/R level confirming the bearish engulfing pattern as well. I entered on a test/rejection of that level. Here is the chart:
The next trade was “short” $AUDCHF. Here we had a close below support and a classic test/rejection as resistance…change of polarity. Here is the chart:
I’ll keep you updated on how these trades turn out.