I adjusted the entry levels last night to take into account price action and the time it has taken for price to pull back on this trade.
The revised levels are below:
Entry: 1.5595
Stop: 1.5620
Target: 1.5470. (5)
The trade has been triggered and I am short at 1.5595.
However, the pull back has taken so long that price has created a short term across (long) against me.
This is showing that for now at least this instrument is bid.
To counter this I have moved the stop loss to break even thus eliminate the risk on the position.
Price is close to the stop and we are above the short term averages. Therefore I would expect that I will be stopped at break even when the European session starts shortly.
If this is the case I will have done all I can to protect the capital and I will look again for a better set up.
Chart below:
Have good morning and I will update later when the next strategy trade has been identified.
Regards
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