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12-28-2016 EUR/USD Short Orders Overnight / Closed Pre US open

12/28/2016

Trade: Pre-London orders set on prior resistance and higher level fibs
Entries: 2 scale short on most recent m5 high. 1 scale short at prior highs and final scale short on .382 fib retracement of recent move short with orders to short at .5 retracement if price gets there
Target: Bottom of prior consolidation zone and frontrun of .5 fib retracement of most recent m15 move north
Pips: +25+28+36+45=134
20/20 Hindsight: Overall, a very good trade. Excellent entries. Absoluteley out too early on the move but still caught a good portion of it. Consider a M5 MA / Price crossover as more of a guideline for exits in combination with support and resistance. Just a thought. It’s never fun to leave 50% of a move on the table. But, you have to take profit somewhere.

Also, consider revision of policy of not trading between new Christmas and New Years.  This was a nice move.

Chart 1: H1 shows recent tops, and fib retracements with additional orders still in place

022-12-28-16-h1-eurusd-scale-short-on-fib-and-resistance

Chart 2: M 15, fib and support zone take profit area

023 - 12-28-16 m15 EURUSD TP.jpg

Chart 3: M 5, consider additional criteria for TP as we missed a lot of this move. M5 ma, price crossover perhaps in combination with support / resistance

024-12-28-16-m5-eurusd-consider-a-ma-as-a-guide-for-a-stoploss

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