I had no intentions on taking any trades today but I saw a simple and clean breakout so I took a sell.
My idea was:
1.Price rejected Resistance @ 1.27500 which was a major Monthly level.
2.Price broke out of the support level that it's been bouncing from for a couple of days.
3.Price pushed back in to the support for a re-test.
4.Viewing this from a weekly perspective reveled that price was pushing back down to the demand zone around 1.26200.
So with all this facts, it made sense to try and grab a small piece of the move, I didn't hold it to the very end so I got out at 1.26390 which was a perfect way to end the week.
I've learnt a lot from my mistakes this week, i'm hoping that i won't be repeating them any time soon.
My idea was:
1.Price rejected Resistance @ 1.27500 which was a major Monthly level.
2.Price broke out of the support level that it's been bouncing from for a couple of days.
3.Price pushed back in to the support for a re-test.
4.Viewing this from a weekly perspective reveled that price was pushing back down to the demand zone around 1.26200.
So with all this facts, it made sense to try and grab a small piece of the move, I didn't hold it to the very end so I got out at 1.26390 which was a perfect way to end the week.
I've learnt a lot from my mistakes this week, i'm hoping that i won't be repeating them any time soon.