Consolidation – finally some decent trade

The whole week I was just sitting and waiting. On Tuesday I took a small loss of -25pips in EURUSD pair. I was inpatient and got in early on a trendline break but under much smaller timeframe and IN A RANGE PLAY. Of course the market needed to clean that range first and I was between the people who got thrown of the board. Well, lesson learnt. Check.

After yesterday 220+ move in EURUSD I felt it is good time to wait for consolidation. 50 – 61.8 FIBS were just at the sweet spot of previous strong S/R levels(3680 – 3700) and there is no better place to put your ENTRY POINT than at xx90 level when things are falling. The reason I prefer xx90 when the pair is falling down is the run for stops. Not sure why but when trading LONG side it seems that the ROUND NUMBER level is more magnetic than trading SHORT side. Anyway I set my LIMIT at 3690 and wait. Consolidation stopped right there (finally decent trade). Tested it few times and then went up. I have to say it was a smooth ride UP without any hiccups. My target was reached at 3798 where I took home +107pips.
Nice trade overall.