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3-21-17 Eur/Usd scale short on prior H4 resistance

03/21/2017

Trade:  Scale short on prior h4 / daily resistance and 50% back of decent sized daily move lower

Entries: 1: at current day’s consolidation just prior to tops to catch a move, 2: at tops of that daily consolidation 3: at spike of tops and at consolidation a few days before 2-1-17 ish consolidation 4: further into that prior consolidation.

Additional orders at prior spike highs not reached in this trade

Note on entries: small entry orders with leverage and risk management in mind to reduce maximum exposure.

This was looking to catch a minor swing move lower that did not materialize.  Instead, it caught some pips into consolidation.  As consolidation formed and as lows were not agressively taken out, it became less likely we would see a significant retracement or trend change late in the trading day.  Trade was closed out in mid Asian session with the intent of taking profit and re-shorting further up in the Euro session.  Those entries triggered overnight, with adjusted and corrected position sizing taken into account and are currently in play.

Target: Initial short term target was .382 retracement of prior minor move long with the desire to hold for a deeper pullback should it happen.  As we had trouble breaking and holding below the .23 and considering the time of day the final attempt lower was made – the trade was manually closed at rejection of prior lows.  (On my phone at the gym during leg’s day I might add.)

Result:+47+31+21+2.3 = 101.9  not accounting for added position size on the scale short.

20/20 Hindsight:  Not bad entries.  Sometimes I wonder why I don’t just buy into the direction of a trend more often.  That would seem like a more straightforward approach here.  But, pips is pips.

 

H4 Eur/Usd showing the fib retracement and shorting at prior consolidation higher, Last red arrow is current short trade triggered overnight

047 - 03-21-17 h4 EURUSD sold on 50 back and days consolidation zones

H1 Eur/Usd showing entry and exit levels and price not making it convincingly below the .23 retracement.

048 - 03-21-17 h1 EURUSD original target at .382 but no momentum to get below, so manually closed out at prior lows

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