Exit is IMPORTANT!
Knowing when to take profit is as important as your entry.
EURUSD was holding well this morning and has given us buy opportunity (Hammer) at purple support zone.
It traded all the way up to PAPLine-R3 (if you buy at Hammer signal, take profit at PAPLine-R3, that is 49 tics profit for this up-move). Time: 4:03pm
With a double top pattern formation(Time: 4:20pm) at PAPLine-R3, it brings the price down to PAPLine-R1 (this shooting star signal generated 40 tics profit). If traders are still holding on to their long position, at this moment, it is hoovering at their entry price zone (Time: 5:07pm)
On hourly chart, this double top rejection in smaller time frame has created a long shadow shooting star.
Latest update as at 7:20pm, price are trading below purple. Pink is still on top. Trend and price are not on the same side now.