Hi guys, this is a risky trade, so I am only using a half position, but I do think it will work. Most of my indicators are showing the EURUSD and many other pairs as extremely over extended.
- X Meter showing over bought on the 5 minute - X Meter was originally designed to run on the 5 min interval and it is about 90% accurate (a strong 2nd interval is the 30 minute and that is also over extended).
- The USD is over extended on both the short term and long term barometers
- RSI is over-bought
- CCI is over-bought
- and several others...
Technically the EURUSD is above resistance and above the 4 hour channel, but I 'think' this is a bull trap. Like I said, risky. That said;
I am short @ 1.0894 (stop and target marked on chart). I also think that the market will close the opening gap from this weekend, so my target is placed accordingly. Normally, EURUSD gaps are pretty reliable. We'll see.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.
- X Meter showing over bought on the 5 minute - X Meter was originally designed to run on the 5 min interval and it is about 90% accurate (a strong 2nd interval is the 30 minute and that is also over extended).
- The USD is over extended on both the short term and long term barometers
- RSI is over-bought
- CCI is over-bought
- and several others...
Technically the EURUSD is above resistance and above the 4 hour channel, but I 'think' this is a bull trap. Like I said, risky. That said;
I am short @ 1.0894 (stop and target marked on chart). I also think that the market will close the opening gap from this weekend, so my target is placed accordingly. Normally, EURUSD gaps are pretty reliable. We'll see.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.
Comment:
I am pushing my stop to Break Even.
Comment:
Took profit on this trade.