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UPDATE 1 Year Later – Went Against Trade, Price Broke MAIN Structure on the H4 TF… Now a True Downtrend…
Honestly after watching this I would not do this counter trade move. In here I was going against the main move and I decided to catch the retracement. This is ok to catch the retracement being that it is a retracement on a very high timeframe which gives me enough time to react if the trend decided to continue in its direction. BUT I would rather just wait for the market to catch its full retracement around where (38.2% to 61.8%) (1.134 to 1.14) area on the H4 TF then look for my entries on the M30 after breaks in structure.
EURUSD – BULLISH – Cont. to $1.14 #Forex #FxProNow
We see that price has broken an area of support.
Here is the retrace, now looking for a bullish engulfing around $1.1297 to $1.1265.
SL – Price should not Close lower than $1.125
TP – $1.1400
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