Overextended with a 1.113 extension
After the final breakout, the pair tried to extend even further. However, this extension did not hit the 2.0705. This tells me that this pair is done extending for now.
Retracement/Correction
Therefore I shorted this market from 2.0504 hoping for a retest of the psychological level 2.000.
Trade setup
long: 2.0048
stoploss: 1.9969
target 1: 2.0285 (risk/reward 1:1.5)
target 2: 2.0431 (risk/reward 1:2.42)
target 3: just let it run ;-)
Trade setup plan B
If for some reason my stops got triggered, I will re-enter long with the alternate shark pattern.
After the final breakout, the pair tried to extend even further. However, this extension did not hit the 2.0705. This tells me that this pair is done extending for now.
Retracement/Correction
Therefore I shorted this market from 2.0504 hoping for a retest of the psychological level 2.000.
Trade setup
long: 2.0048
stoploss: 1.9969
target 1: 2.0285 (risk/reward 1:1.5)
target 2: 2.0431 (risk/reward 1:2.42)
target 3: just let it run ;-)
Trade setup plan B
If for some reason my stops got triggered, I will re-enter long with the alternate shark pattern.
