A bearish engulfing bar has formed at the 50% retracement level after a short uptrend.
Confluent factors include:
- Fib 50% level
- Prior support resistance
- BRN 1.53
- Trendline resistance
- Also a huge weekly baerish pinbar.
Enter: at 50% retrace of the weekly pinbar.
TP1: At resistance level around BRN 1.500
Confluent factors include:
- Fib 50% level
- Prior support resistance
- BRN 1.53
- Trendline resistance
- Also a huge weekly baerish pinbar.
Enter: at 50% retrace of the weekly pinbar.
TP1: At resistance level around BRN 1.500
Order cancelled
This trade was a bit slow getting going. The order entry for a 50% pullback of the weekly pinbar didn't get triggered and so I close the order on 30/8. 3 days later my entry level was hit (within 4 pips) and the trade would have been triggered. I probably would have cancelled the order anyway, because I already had too many positions open for NFP and my risk would have been too high, but this is a useful example of the need to be patient.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.