Placed my first trade for review...?
On December 27th at 18:00, I observed that we were at the end of a downtrend and in transition to the upside. According to the Wyckoff method, this would be Phase A and B (Multiple secondary tests) playing out.
The observation indicates a mechanical breakdown rather than a spring reaction in this instance.
Stop Loss:
Price: 1.31717 (47.5PIPS) = 0.36%
Set below the lowest candle wick and optimised trading zone (OTZ) for confluence.
Entry Price: 1.32192
BOS (Break of Structure) Noticed end of downtrend/mechanical failure and transition to the upside (Wykoff sentiment)
Target: 1.38594
Top of the range (November 1st, 2023)
RR 13.75%
Current position..
11th april 24
Level 1.37280
Observed 15.00pm
London/New York Session
Trade duration approx (3 months)
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