Bugger, the spike stopped me out.
I've been stopped out a couple of times due to placing my stop too close. Now i am short with a target at the pink line and a R/R=1
That was such an obvious trade, grrrr!!!!!!!!
Damn, i missed that spike. I've moved my pink line to reflect the most recent bottom.
The question is how far is the price going to drop. It is hard to know and likely to spike off of the pink line. Today there is very little interesting news coming out, but the British PMI might have an effect on the price. The price is falling too fast imo. I think it will bounce off of the pink line and retrace before going further.
The news came in and hit my TP, thank you Mr Draghi. An obvious down trend has emerged, but i have no idea how long it will last now. The price action will probably quieten down now that london have gone home.
ok, so i missed my TP by 1 pip again. I hope it continues the downtrend, but there is news in one hour that could take it either way.
The UK open has resulted in a large move down, which is the move that i have been waiting for. I have gone short with a TP at 57.
Ok, so a big gap down over the weekend, which has brought the price back down below the major resistance at 1.38. The theory is that the window should close, but i'm not sure that i believe it. The three longer upper shadows are telling us the that market doesn't have a lot of appetite for a move up; however, i'm not sure yet, so i'm gonna sit and watch.
Lol, and then my stop was taken out.