I went short today, after getting a bearish signal confirming a possible large decline in this pair. The BOE is maintaining a hawkish view, which spells nothing but trouble for the Euro.
Introduction of QE by the ECB in the coming days will seal the deal, making me consider an extreme target of 0.68013 and an intermediate term one at 0.7552. The level I consider as invalidating is a retest of 0.7951, which would make the pair start ranging.
If the trade were to turn against me and travel 100 pips up, I'll enter a second batch with the same lot size. If it were to continue trending up, as long as the invalidation level is not reached, I'll increase the position to average out.
Area of interest, any retrace below the options expiration line and my key s/r level above will be a sell.
IvanLabrie
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Tim West's tools can be really useful, see the options expiration level in the chart.
Ideal sell level, aiming for the recent lows.
IvanLabrie
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Added to my position again, this time at 0.76945.
Target is 0.7595 in the short term.
IvanLabrie
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Target was hit today.
IvanLabrie
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IvanLabrie
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Scale in close to 50% close target.
IvanLabrie
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Game plan:
Original order intact, I scaled in using 10x leverage already in the pullback, will cover 50% at 50 pips down and move stop to BE on that order. I'll scale in every chance I get and document it here. Took a second short at 0.7789
My number 100 idea! :D