Decided to hedge on Euro using the Major Pair (EURUSD)
Monthly chart indicates an overall bearish trend, where market is currently trading in key levels. Price has been trading in this range since 2015, trying to find a stronger supply of sellers.
Spotted a trend reversal on the Weekly chart, as market broke of from the bearish channel with a bullish price action build up. Market making higher highs and higher lows.
Spotted strong resistance level on Daily Chart created in early April and have decided that my buying level should be around that pricing levels.
Spotted a nice price support on 4 Hour chart and decided to hedge it on a smaller time frame to reduce my risk amount.
As market rejects the price level with a doji candle stick (1 Hour Chart), I’ve place an entry with a 1:5.4 RR ratio. I’m currently still in this trade. I would not be fixated on my take profit as I’ll would be ready for a potential reversal (false breakout).
Hope you caught this move too 🙂