I have had much luck with my "Longs" in recent times compare to "Shorts." The most recent trade on this pair came in the form : HARMONIC PATTERN INSIDE A DEMAND CHANNEL. I summarized this position as "one of my crazy trades" -- and it is a Short.
Who doesn't like simple setups that promises a little over 100 pips? I can't recall when last I spotted one but I do well to appreciate whenever I do. Thick black trend line was drawn connecting the close of swings on 4-Hour time frame and another (thin black line) was drawn connecting the close of the swings on 1-Hour time frame.
The cluster (region between the two trend lines) is a reversal zone. Dojis formed inside the cluster signalling a possible reversal. I went "Long" at 85.76, Stop Loss at 85.46 (30 pips), and Target at 86.80 ( 104 pips -- 50% of leg "1" "2").
EVENTUALLY
The support held and price bullished high out of the trend line cluster. I confess that I prepared myself for price hitting my target. Perhaps, my misguided hopes took the better of me given that I observed that a bearish divergence had formed; yet, I ignored it and left my trade open.
Luckily, my Trailing Stop had locked in 12 pips before price took it in a spike.
Profit/Loss: + 12 pips
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