So, right now i am looking at setting up 2 potential pending orders (Sell Stop) for the new trading week.
First one is a setup that i have been following for a long time EUR/GBP, i even tried to get in on the trade, but as you can see from the chart as price has been approaching the major trendline on the Weekly time frame, we got those weird looking pinbars. See screenshot bellow:
But, now this last pinbar actually looks nice, the open and close are almost identical, and it tried to breach the long term trendline effectively giving us a fake breakout formation.
If i decide to get in on this, entry will be 5 pips bellow the lowest point of the pinbar, and Stop Loss 5 pips above the high of the pinbar. As far as target policy goes, i am hoping to get volume filled moves for at least two consecutive candles. If that happens, i will close 50% upon the close of the first weekly candle and another 50% on the close of the second reaction candle. On the other hand if the position gets triggered and there is no momentum, then i will set my first target at the first level of support, ofcourse in both cases i will adjust my stop loss once i cash out 50% of my trade.
- Second on is EUR/CAD, see screenshot
In this case i have a breakout of a longterm triangle formation, and last week price retested the breakout level with a pinbar, but i am not 100% sure about this setup, cause it looks kinda weird, what i mean is, the entire breakout level, the BPC formation, everything looks kinda fishy to me.
What do you guys this?