the trend for NZDSGD has been severely downtrend for several months.
Last thursday a shooting star was printed, which flush several days high as well. This shooting star was printed against a 52weeks level as well, making this an A trade signal.
Entry plan and Sl will be as shown.
edited 010815
I was stoped out of the 1st trade. It was disaappointing as I had placed a larger than usual position size, and I was stopped about 8 pips away from the highest point. On retrospect I could have placed my SL above all 52weeks level, a key component for my trading methodology, but I did not.
Fightback
however what was memorable was that after getting flushed out and dejected, I continued to look out for signs of 2nd entry. I spotted a double h4 trapped traders engulfing pattern. I thought several things
were aligned which could mean a high probability signal which could guarantee moveability , of at least 60-70 pips.
It looked something like this:
I took profit on a 2 x big pos and managed to cover back the losses from the 1st losing trade.
I am heartened to see the effectiveness of trapped traders phenomenon and how I cna use it to hit on immediate price movement.
