CAD/JPY – scalp with bollinger bands

A.    This in an engulfing pattern after a close outside of the band. We should note that the candles are relatively large 

B.     The price went up against the short position (see the green dotted line – I did not have a stop loss order in). All I thought of was to draw a fibonacci retracement to see where price could stop. It closed above the 61 level but then moved down with momentum.

C.     The green dotted line was a limit order to take profit which was filled.

D.    Price went 10 pips lower.

Notice anything else?  What can we learn?



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