Tuesday, July 18, 2017

When typical resistance does not get respected

This is a three-hour chart of the euro against the dollar initially I thought I would go short in the pink zone where I would faded into the two green lines below at 1.1437, that was my first short target then I adjusted my target again where my entry was at 1 .15352. The phenomenal strength in the euro was something I did not consider but I thought my levels were sound. I took less wear at first I lost 40.9 and then I lost 24 now my entry is at the red downward pointing arrow. I am looking to cover at 1.1550 and then I will show you how I am going to scale the position where I add to a winning trade. As far as reference when resistance is no longer respected it has to be adjusted and projected higher.

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