EURUSD on 4H has just rejected from a Weekly bearish rejection block and in turn created a bearish breaker. I look forward to trade this breaker to catch 3R expansion to the downside.
The catch with this trade is that it is opposing Monthly and Weekly orderflow – so we’ll have to be quick in securing profits with partials.
- Daily and 4H are in sync with trade direction
- Sell side sponsorship when price made huge moves after rejecting from weekly bearish rejection block
- We are selling from a premium area
- No un-mitigated OB’s in sight to our target of 3R
Update – 3rd May
Trade is now live.
Update – 4th May
1R is hit, this trade is now risk free. Looking forward for the trade to hit 2R now.
Update – 6th May
I had moved Stop loss to breakeven as I was observing on the daily that a bearish breaker was failing to form. Hence protecting profits was the first thing that came to my mind. Since I had already taken a partial 50% profit at 1R, moving my SL to breakeven would mean I would secure that 0.5R profit. And exactly that has played out.
Moreover, price was yet again bouncing from Daily bullish breaker.
Hence, once again – a good risk management not only saved this trade but also made me a worthwhile 0.5R profit.4