Placed entry orders above the current EU consolidation below 1.5600. Nice 145-pip flagpole leading up to this consolidation, and a nice horizontal run of the pricing action. Also a nice rising trend on the 60M RSI with a clear break of its squeezing consolidation channel that was broken to the upside last week.
Buy – 1.5616
Stop – 1.5581 (35 pips; ATR is at 28 and 35 is 25% of flagpole)
L1 – 1.5651 (35 pips, will raise second stop to break even)
L2 – 1.5745 (129 pips; almost the height of the flagpole, at the bottom of multi-day resistance and just short of the 145 pip pole)
UPDATE: This signal has been canceled effective immediately due to a fluctuating consolidation pattern.
Weekly Review: Good no trade. The pair ended up having a false breakout before dropping 150 pips. Once the consolidation pattern is broken or abnormal a signal is cancelled.
Result: 0 pips
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