200220-200220 EURUSD LOSS

Pattern formation

Pattern thought not the ideal, was formed after a long down trend in the pair. I had already lost two trades, betting against this downtrend. But this trend was quite resilient due to global panic on Corona virus outbreak. But I could see the trend was slowing down, and also the trend reached the 261% retracement from the previous reversal. This can be seen in the chart of my next post.

Trade

The trade failed, by a insignificant downward swipe, which took the logical stoplosses. This can happen in a major bottom reversal.