Here is the current possibility that I am seeing on the EURUSD
short scheme. I originally tried to short the Euro
in a previous triangle formation, but as we all know, the larger timeframe and larger pattern will trump the lower/smaller structures. I was stopped out for a 25 basis point loss. This possibility would suffer greatly with PA exceeding the right shoulder @ 1.234. It would be hard for me to be long the Euro
in today's geopolitical environment, so I may skip the long trade for now. My order will look something similar to this:
Basis Point Risk: 100 basis points
SL: Not set yet, but I will use Brandt's Last day Rule
TP: I am fully aware of the blue trendline
present in the weekly chart. This line has been proved to be a strong monthly trendline
. Regardless, I trade patterns like this based on the height, so my TP will be at 1.0205.
I will look to manage this one with my basic management strategies. Anyone else see a trade on this pair approaching?