200220-210220 EURUSD PROFIT

Pattern Formation

Just after the previous trade failed, the next pattern formed. As I had mentioned in the previous trade commentary, a reversal was ripe. The previous retracement reached 261% too.

Trade

As I mentioned in the last failed trade commentary, there was a freak downward move, which tokk out the logical stoplosses. So I had to ignore that freak candle for drawing the fibo levels. Also the levels were respected this way. The stoploss, was however put at the end of the freak candle, just to be sure. The trade became a success and hit the technical target of 261%.