Short EUR/USD off of 1-hr. chart

FX:EURUSD   Euro Fx/U.S. Dollar
Short EUR/USD             off of 1-hr. chart. Bearish Butterfly pattern completed between 1.272XA & 1.618XA levels. Evening Star candlestick pattern (with Shooting Star as the middle candle) completed on Friday afternoon. EUR/USD             has been in a sustained downtrend for awhile now. The trend will reverse at some point of course but we have to trade these Bearish patterns until there is a more significant reason to go Long the Euro             .
very nice chart
WynnFX 99nines
Thank you.
23 march ithink sideway...24 march euro open short
+1 Reply
consistent. Do you usually exit when trend is broken?
WynnFX aeryanet
I trade multiple contracts/lots or sets of contracts (usually 3 sets). I enter all at the same time, but then scale out of the position. I set my initial profit targets at 38.2 and 50.0% retracement of the AD move. After the 38.2% target is hit, I set my stop to break-even for all remaining contracts. The 3rd contract is kind of a "bonus" set of contracts. I usually don't get more than the 61.8% retracement but sometimes I will use a trailing stop and stay in a trade longer with these last remaining contracts. I set an initial stop-loss a little over 1 ATR (Daily) - Average Daily Trading range away from my entry to give the trade room to work its way out. This works very well, but only If you don't trade too many contracts compared to your account equity. So, I only get out of the trade if it hits my initial stop-loss or my profit targets and/or my break-even stop after hitting the 1st profit target.
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