Monday, July 04, 2011
4 July 2011
Bearish Gartley On EURUSD Hourly Chart.This pattern is validate by 0.618 retracement of XA at B point and 0.886 retracement of AB at C point. While PRZ is define by a convergence of 0.786XA at 1.4563 and 1.41BC at 1.4580. Although AB=CD in this pattern is at 1.4470 which is about 90 pips from 0.786XA, i believe 1.4580 area will provide a limit in PRZ.
Entry : 1.4560
SL : 1.4695 (135 pips)
Target 1 : 1.4380 (180 pips)
Target 2 : 1.4260 (300 pips)
Although this trade could produce 1:3 risk reward ratio i only entered 1/3 of my normal position as SL is quite big for me (135 pips). Maybe i will go for target 2 with trailing stop if this trade manage to achive target 1 level.
5 July 2011
Price action is testing demand zone at 1.4450-1.44770. SL move to breakeven.
6 July 2011
Price action challenging demand zone at 1.4410-30.Lock in profit at 1.4505.
Stopout at 1.4460 with 100 pips profit.
7 July 2011
Trade followup.
Too bad i had been stopout before target 1 been hit. Sooo hate just to watch 150+ pips just been washed away... !!!!!! grrrrrr !!!!!!.
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