Friday, February 27, 2015

Closed - Short EURGBP (opened 24 Feb 2015)

I took profit on my EURGBP short which was recently opened on the 24th of Feb. 

I tightened my stop loss significantly after I saw a tiny bearish candle form on the 25th. To me, it looked like the market was at a tipping point, and price was either going to break down or rebound up and back into the range. Fortunately, price broke down and I got out with a reward of 2.75R (based on my tightened stop loss. With my original stop loss, it was close to 1R). 

(click to enlarge)

As you probably noticed, I changed my charts a bit today. Instead of placing straight S/R lines, I've drawn boxes around each "segment" of price action. I noticed that each 'box' tells a chapter of the currency pair's story. When price moves out a box, the chapter ends and a new one begins. I think this ties in better with my fundamental analysis. 

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